Chuy’s Launches Successful IPO Before Expansion into Lubbock
CNN Money earlier this week reported on Chuy’s Initial Public Offering for its stock. If you’re not familiar with Chuy’s; Chuy’s is a chain of Tex-Mex restaurants based out of Austin. In total, Chuy’s operates 36 locations across Texas, with their Lubbock location opening later this year at 4805 South Loop 289.
Chuy’s (CHUY) shares opened at $13 and the IPO raised $76 million. CNN Money has further information about Chuy’s financials:
Chuy’s revenue rose 28% to $37.5 million during the quarter ended March 25, driven by $7.7 million in incremental sale from new restaurants. Same-store sales – which count sales at stores open a year or more – increased just 2.6%. And Chuy’s overall profit declined 70% as the restaurant chain spent more money on training and staffing at new locations.
Most of the menu items at Chuy’s are priced at $10 or less and their locations throughout the state conduct a large amount of business.