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What: Shares of Chuy's Holdings (NASDAQ:CHUY) were getting spat out by investors today, falling as much as 12% after an unsavory earnings report.

So what: The restaurant chain of the same name posted a 24.6% gain in sales to $46.7 million, slightly ahead of estimates, and comparable sales were up 2.3%. Earnings per share jumped from a penny a year ago to $0.16, beating expectations by $0.02. CEO Steve Hislop said, "We generated impressive revenue growth during a challenging quarter for the industry," and he credited operators for driving profitability. Chuy's narrowed its EPS guidance for the year, saying it now expects EPS of $0.67 to $0.69, in line with estimates, and sees same-store sales growth of 1% to 1.5%.

Now what: Shares of the Mexican-food chain bounced back after dipping early in the session today, finishing down just 3.3%. While the company beat estimates, it seems investors were expecting more, especially on the same-store-sales front. Nearly all of Chuy's sales growth came from new restaurants, as opposed to organic, higher-margin growth from stores already open. Same-store sales are also often a sign of brand strength. With its P/E over 50 and hardly any organic growth to speak of, I'd stay away from Chuy's.

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Fool contributor Jeremy Bowman and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.