IRVING, Texas — Despite flat comparable-store sales at its Chuck E. Cheese's Pizza chain, CEC Entertainment posted record earnings for the second quarter ended June 27, 2004.
According to a news release, comps rose just 0.1 percent for the period on revenues of $165.4 million, up from $152.9 million in 2003. Net income in the period increased to $15.3 million, up from $14.8 million in the same period of 2003.
Comps for the first six months of 2004 were up 2.8 percent on revenues of $372.4 million, up from $337 million in 2003. Net income for the period was $47.7 million, up from $42.2 million in the same period of 2003.
New store development helped drive the 8.2 percent revenue increase in 2Q, despite a $2.1 million increase in cheese costs. For the first half of the year, Chuck E. Cheese's paid $3.2 million more in food costs than in the comparable period last year.