McCormick & Schmick lowers Q4 and FY07 guidance

Shares of McCormick & Schmick’s Seafood Restaurants, Inc. (Nasdaq: MSSR) are getting hammered this morning after the upscale seafood restaurant lowered its guidance for its fourth quarter and fiscal year 2007.

For the fourth quarter ending Dec. 31, the Portland, Ore.-based company said it now anticipates revenues of between $98 million and $99 million and a comparable sales decrease between 1.5% and 1.8%. This is down from previous guidance of $100 million to $102 million in revenues and an increase in comparable sales of 1% to 2%. The consensus of 10 analysts polled by Thomson Financial was for revenues of $100.8 million.

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