A leading casual dining restaurant company who owns and operates three restaurant concepts which operate under the O'Charley's, Ninety Nine Restaurants and Stoney River Legendary Steaks trade names.
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This has been a terrible restaurant stock. I want to follow it to see how they can proceed through their restructuring. They brought in a CEO during Q4, and not unexpectedly, he wrote off everything but the kitchen sink in the quarter. This seems to be a pretty common tactic when a new CEO comes in - its a way of starting off fresh. So the quarter was, of course, quite awful, but hidden in the writeoffs of 11 of their locations was this: “During the fourth quarter, we made progress in our turnaround efforts as all three restaurant concepts achieved sequential improvement in sales comparisons and record guest satisfaction scores. Same store sales growth at Ninety Nine and Stoney River accelerated from the third quarter, and same store sales comparisons at O’Charley’s improved sequentially for the second consecutive quarter." So there is some hope that the restaurant chain will turn it around.