CEC won't project comps for rest of year

 
Oct. 21, 2008
IRVING, Texas -- Comparable-stores sales at CEC Entertainment Inc., parent company of Chuck E. Cheese restaurants, increased 1.1 percent for the third quarter ended Sept. 28, the company announced. Year-to-date comps were up 3.4 percent.
 
Third-quarter comps were negatively impacted by a number of store closures due to Gulf Coast hurricanes.
 
Revenues for the quarter were $201.9 million, up 2 percent compared with revenues of $197.5 million for the 2007 third quarter. Year-to-date revenues were $636.5 million, up 5 percent compared with revenues of $607.6 million for the same period last year.
 
Net income for the quarter was $9.9 million, off 38 percent compared with net income of $15.9 million for the 2007 third quarter. Year-to-date net income was $54.1 million, off 4 percent compared with net income of $56.5 million for the first nine months of 2007.
 
Net income for the quarter was impacted by one-time charges for vendor rebates and ongoing legal action as well as the hurricane–related store closures.
 
Because of ongoing economic volatility, CEC officials aren't projecting same-store sales for the remainder of the year, they said.

Topics: Chuck E. Cheese's Pizza , Operations Management , Public Companies


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