LOS ANGELES -- California Pizza Kitchen Inc. reported Jan. 10 that comparable-store sales for the fourth quarter, ended Dec. 30, rose 2 percent. Revenues for the period were up 22 percent to $67.6 million, from $54.9 million in the same period last year.
In a statement released by the 130-store Los Angeles-based chain, higher menu prices were largely credited for the boost.
CPK president and CEO, Fred Hipp, stated in the release that "the trend in same-store sales has been encouraging," even though CPK's third-party delivery numbers continue to decline. This year CPK expects to open 17 new restaurants, three of which are planned to open before the end of March.
The company expects fourth-quarter earnings to come near 16 cents a share range, though The Wall Street Journal reported a Thomson Financial/First Call survey of analysts predicting a 15-cent per share return.
The company also predicted its first quarter 2002 per-share earnings will be in the range of 17 cents to 19 cents, and that full-year earnings will be 80 to 84 cents a share.