Reuters: Global Markets: Chefs' Warehouse shares slump on first quarter miss

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Chefs' Warehouse shares slump on first quarter miss May 4th 2012, 14:36 Fri May 4, 2012 10:36am EDT (Reuters) - Shares of Chefs' Warehouse Inc (CHEF.O) lost more than a fifth of their value on Friday morning, after the distributor of specialty food products reported lower-than-expected quarterly results, hampered by rising expenses. The company's shares, which fell as much as 23 percent -- making it one of the top percentage losers on the Nasdaq -- was trading 17 percent down at $19.91 on Friday morning. On Thursday, Chefs' reported first-quarter earnings of 13 cents per share, below the 16 cents analysts were expecting, according to Thomson Reuters I/B/E/S. The company's first quarter sales too missed analysts' estimates of $99.3 million by $1.2 million. For the full year, the company expects earnings of 86 to 89 cents per share. On an adjusted basis, it expects to earn 91 to 94 cents per share. Analysts expected earnings of 95 cents per share. (Reporting by Chris Jonathan Peters in Bangalore; Editing by Sreejiraj Eluvangal)

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