California Pizza Kitchen released its third quarter earnings report today for the quarter that ended Sept. 27, affirming predictions they made in early October. Comps were down but net income was up, and company spokespeople have announced plans to expand in 2010.
Same-store comparable sales for CPK's full-service restaurants dipped 8 percent from the same period last year. Comps were down overall at around 5.7 percent, with average weekly sales at $60,945 in Q3 2009 vs. $66,718 for the same period in 2008.
Total revenues dropped 5 percent, posting $164,839 this quarter vs. $173,958 for Q3 2008. Year-to-date revenues dropped 3 percent, landing at $498,839 from last year's $515,303.
Greater efficiencies allowed CPK to post an almost 17 percent increase in income for Q3 2009. Net income is at 5.79 million vs. 4.96 million last year. Year-to-date income is down 3.6 percent to $14,481 from $13,975 in 2008.
The company also outlined its financial guidance for the fourth quarter of 2009 based on the following assumptions:
Comparable restaurant sales between negative 5.5 percent and negative 6.5 percent
Opening one international full-service franchise restaurant
Earnings estimated in the range of $0.16 - $0.18 per diluted share
In 2010, the company anticipates opening eight full-service restaurants, while franchise partners are expected to open eight international and two domestic franchise locations.