Restaurateur J. Alexander Posts New High (JAX)

For the first quarter of 2012, the company expects same-store sales to rise 4%-5%, leading to net sales of $2.1-$2.4 million, at least double the amount of sales posted in the first quarter of last year. The company also forecast EPS of $0.34-$0.39 for the first quarter, compared with EPS of $0.18 in the same period a year ago. Fourth-quarter EPS was $0.06.

J. Alexander’s CEO noted that “cost of sales as a percentage of net sales has decreased significantly in the first two months of the first quarter of 2012 compared to the fourth quarter of last year and is also down from the first two months of the first quarter of 2011.” Cost control and the company’s recent price hikes have combined to lead to the buoyant outlook.

Shares are up more than 27% at $8.79 after posting a new 52-week high of $9.30 earlier this morning. The new 52-week range is $5.00-$9.30.

Paul Ausick