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CEC Entertainment Inc., parent company of Chuck E. Cheese's, announced its second quarter earnings Thursday, including a 1.6-percent sales increase versus the prior year.
Total revenues for the first quarter of 2013 increased 3.4 percent, or $8.5 million, to $255.3 million from $246.8 million for the first quarter of 2012. The increase was primarily related to a 1.6 percent increase in comparable store sales, as well as additional revenue from six net new stores opened since the first quarter of 2012.
Net income for the first quarter increased to $33.3 million compared to $32.3 million for the first quarter of 2012.
"During the first quarter of 2013, our new value pricing, marketing and operational strategies were fully implemented for the first time. While we recognize that considerable uncertainty remains in the U.S. economy and that consumers continue to experience various financial pressures, we are encouraged by the 1.6 percent increase in comparable store sales this quarter," said Michael Magusiak, president and CEO.
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