Good Numbers
CKE Restaurants, Inc. Announces Estimated Year-End Revenues
ANAHEIM, Calif., Feb. 26 /PRNewswire/ -- In conjunction with its annual analyst/investor meeting in Santa Barbara, Calif., CKE Restaurants, Inc. (NYSE: CKR - news) announced today estimated corporate revenues of $1.886 billion for the fiscal year ended January 25, 1999, up $736.1 million, a 64 percent increase over the prior fiscal year.
The Company also announced its fourth consecutive year of same-store sales increases at Carl's Jr. For the fiscal year, same-store sales at Company-operated Carl's Jr. restaurants grew an estimated 3 percent, achieving the high end of the Company's 2 percent to 3 percent fiscal-year goal for same-store sales growth. Same-store sales for the fourth quarter decreased 1.3 percent.
Estimated same-store sales at the Company's Taco Bueno restaurants increased 7.3 percent for the fiscal year and 10.2 percent for the quarter, which is the 15th consecutive quarter of same-store sales growth for the chain.
Same-store sales at Company-operated Hardee's restaurants were down an estimated 4.1 percent for the fourth quarter, which is a 6.7 percent improvement over the first quarter of the fiscal year, and the fourth consecutive quarter of improvement.
Franchised Hardee's restaurants reported fourth quarter same-store sales of negative 0.2 percent, for combined system same-store sales of negative 1.9 percent. Additionally, the Company reaffirmed its outlook that Hardee's same-store sales will be positive in the first quarter of fiscal year 2000 and that Hardee's will achieve same-store sales growth for fiscal year 2000 in the 2 percent to 3 percent range.
''As previously announced, the Company is aggressively moving forward with its plans to remodel its Hardee's restaurants to a 'Star Hardee's' format,'' said William P. Foley II, chairman and chief executive officer of CKE Restaurants, Inc. ''The Star Hardee's format includes charbroiling, limited table service and some of the popular Carl's Jr. menu items. We are currently remodeling up to seven restaurants per week and continue to see sales increases of at least 10 percent above pre-conversion sales.''
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Big pop, IMO, when Hardee's SSS actually go positive.<g>
Best wishes,
Tom |
