Morton's reduces 2007 sales outlook

CHICAGO -- Morton's Restaurant Group Inc., the steakhouse operator, cut sales and earnings forecasts because of a weaker economy and delays in opening new restaurants. Sales for the quarter ended Dec. 30 will be about $100.4 million, up 10.4 percent from $90.9 million the year before, the Chicago-based company said in a statement. Morton's had previously forecast fourth-quarter revenue of $101 million to $104 million. The company cut its fourth-quarter earnings estimate to 36 cents to 39 cents a share after previously forecasting at least 46 cents. Morton's also reduced its sales forecast for 2007, noting the year doesn't include New Year's Eve as it did in 2006. Full-year sales will be about $353.8 million, Morton's said. It had predicted 2007 sales of $354 million to $357 million.