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Bob Evans Restaurants – One of the Largest Restaurant Chains Operating in the US
Bob Evans Restaurants emerges as one of the most prominent restaurant chains across 18 states of the United States operated by the renowned food service provider Bob Evans Farms Inc. Having more than 500 restaurants available nationwide, the company manufactures its extensive range of retail enterprise and food processing products under the brand names of Owens Country Sausage and Bob Evans.
Having achieved optimum heights of growth, the company is continuously seeking for ideal locations to open its new outlets worldwide and become the largest food processing service provider across the globe.
Its current market value
Being a publicly traded company of food products and restaurant chains, Bob Evans Farms Inc. finds its listing on NASDAQ exchange with the ticker symbol of BOBE. According to the financial analysis report of NASDAQ, the company’s total revenue as of April 2016 amount to $1,338,827 (About $1.34B) with a gross profit of $ 913,242.
Furthermore, the gross income of the company this year as estimated by the Market watch analysis amounts to $184.43 million. This includes net income of $24.22 million non-operating income of $3.43 million and pretax income of $25.42 million. Overall, the company shows a promising growth in its stocks and sales over the years thereby becoming one of the most profitable companies for investment. The major reason behind such steep growth of the company is its huge team of about 46,818 employees.
Its origin story
The story of its origin dates long back in the year 1946. It all initiated with just one truck stop diner in Rio Grande, Ohio in close proximity with the Bob Evans Farm and grew up as one of the largest restaurant chains in the US. Being a significant subsidiary of Bob Evans Farms Inc, the company began to sell well-processed and packaged sausages for diner.
Receiving various superior feedbacks from the truck drivers, Bob Evans, the founder, joined hands with his cousin Tim Evans, owner of Evans Packaging Company for packaging of his sausage products. Not getting appropriate platform to sell his sausage and considering the popularity of its sausage, Evans opened his own chain of restaurants in the year 1962 at Rio Grande. In this achievement of his life, his relative, Dan Evans served him as the CEO of the company until 2000 when he retired.
Under the visionary leadership of Dav Evans, the company occupied the famous Owens Country Sausage, a Texas based company in the year 1987. Although due to certain trademark issues, it branded its identical restaurants in the name of Owens Restaurants, but by 2006 all, the Owens restaurants were shut down. Going through several leaps and bounds after the Dan Evans’ retirement, the company manages to occupy a respectable position in the market even today having its headquarters at New Albany, Ohio.
How it functions?
Owning and operating a complete segment of full-service restaurants, the company is continuously seeking for ideal opportunities to expand its reach worldwide. It is looking for ideal properties on lease to open its company operated stores across different locations. The investors who are willing to gain better returns in terms of profit require investing a minimum amount ranging from $3M to $5M.
Furthermore, according to the corporate lease agreement of the company, the minimum tenure for property in lease is 15 to 20 years that it can further expand from 20 to 40 years as per profitability. With the capital rate ranging between 6% and 7.5%, the company also promises an increment in the rent of property at the interval of every five years by 10%.
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