Jan. 5, 2004
LOS ANGELES—California Pizza Kitchen, Inc., reported that comparable-restaurant sales increased approximately 2.8 percent in its fourth quarter, which ended Dec. 28, 2003. According to a news release, comp-sales rose 4.2 percent in the same period a year ago.
The company attributed the most recent period's sales increase primarily to increased menu pricing and changes in the menu mix.
Revenues for the period increased 17.8 percent to approximately $96.1 million, versus $81.5 million in the fourth quarter of 2002.
In 4Q '03, CPK opened five new restaurants (a total of 22 new restaurants this year), including one in Hong Kong (a total of two new international restaurants this year).
CPK closed two under-performing restaurants during the period.
Based on the fourth quarter sales performance, CPK remains comfortable with previously announced earnings-per-share guidance of 21 cents to 23 cents for the period.
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