Restaurateur J. Alexander Posts New High (JAX)

Restaurant operator J. Alexander’s Corp. (NASDAQ: JAX) posted same-store sales growth for its 2011 fiscal year ended in January of 5.5%. Net sales grew by 5.5% to more than $157.2 million for the year, and the company posted EPS of $0.14. Excluding one-time items, earnings nearly doubled for the year.

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