Landry's records 1Q net profit
Landry's Restaurants on Thursday reported its results for the first quarter ending 31 March.
The Houston company reported a net income of USD 7.1 million (EUR 5.3 million), up from USD 2.5 million (EUR 1.9 million) during the same time period last year.
However, overall revenues from continuing operations dropped from USD 256.3 million (EUR 191.5 million) in the first quarter of 2008 to USD 292.3 million (218.4 million) this year.
In the first quarter of 2009, revenues from the restaurant and hospitality group totaled USD 200.3 million (EUR 149.7 million), while revenues for the Golden Nugget properties reached USD 56 million (EUR 41.8 million).
Landry's same-restaurant sales were down 9 percent.
"Operating income from the restaurants and hospitality group helped us in the face of declining sales in a very difficult economic environment," said Rick Liem, executive VP and CFO. "We will continue to manage our cost structure as we weather the current recessionary period."
Landry's operates several chains nationwide, including Landry's Seafood House and Chart House, and the Golden Nugget Hotel and Casino in Las Vegas and Laughlin, Nev.