Morton's Restaurants sees 2Q, 2008 in range of Street view

CHICAGO—Morton's Restaurant Group Inc. on Wednesday said it expects its second-quarter profit will fall within a range that includes Wall Street expectations, while full-year results should meet or exceed analysts' forecasts.

For the fiscal second quarter, the upscale steakhouse operator said it expects to post profit between 10 cents and 13 cents per share, on revenue between $89 million and $91 million.

Analysts polled by Thomson Financial, on average, expect profit of 11 cents per share, on revenue of $90.6 million.

For the second quarter, Morton's said it expects sales in restaurants open at least a year to slip between 1 percent and 2 percent from last year, while full-year same-restaurant sales are expected to be flat to up 1.5 percent.

Same-restaurant sales are an important measure of performance, because they reflect sales in established venues rather than sales from newly opened locations.

The company cautioned that its actual results could differ from its forecast, because "it has limited ability to provide guidance given the current uncertainty of the U.S. economy and the external environment."

For fiscal 2008, Morton's expects profit of between 57 cents and 62 cents per share. Sales should range between $380 million and $385 million.

For the year, analysts expect profit of 57 cents per share, on revenue of $378.5 million.

Morton's also posted first-quarter results that came in ahead of Wall Street views, despite being hurt by rising costs and a slowing economy.

In aftermarket trading, shares gained 11 cents, to $8.10, from their close in the regular session at $7.99.