CKE income up 31% in quarter

by Staff
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CARPINTERIA, CALIF. — For the second quarter ended Aug. 11, CKE Restaurants, Inc. had net income of $12,340,000, equal to 24c per share on the common stock, up 31% from $9,425,000, or 15c per share, during the same quarter of the previous year.

Revenue for the quarter was $352,490,000, down 3% from $363,091,000 during the same quarter of the previous year.

Andrew F. Puzder, president and chief executive officer, said blended total company same-store sales increased 3.6% during the second quarter on top of a 2.4% increase during the prior-year quarter. Same-store sales at company-operated Carl’s Jr. restaurants increased 3.8% in the second quarter, and similar same-store sales were up 3.3% at Hardee’s.

Both Carl’s Jr. and Hardee’s featured the Prime Rib Burger, and The Six Dollar Burger and Thickburger varieties were successful.

"We believe this burger is a great example of our innovative, premium quality product strategy that carries a value message to our guests that extends beyond a price point," Mr. Puzder said. "On a consolidated basis, restaurant-level operating expenses decreased 80 basis points versus the prior-year quarter. This improvement is the result of the combination of price increases taken to offset increased food and labor costs as well as other cost control initiatives implemented over the past year."

For the six months ended Aug. 11, CKE had sales of $28,960,000, or 56c per share, up 17% from $24,776,000, or 38c per share, during the same period of the previous year. Revenue for the six months was $818,661,000, down 3% from $844,893,000 during the same period of the previous year.

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