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LOS ANGELES -- California Pizza Kitchen, Inc., reported solid gains in revenue and moderate comp store sales increases for 2001, according to a company release.
Total revenue for the period was up 18 percent to $249.3 million, and comparable store sales were up 3.3 percent.
Diluted net income per share came in at 71 cents.
Also during the period, average weekly sales per CPK full-service restaurant were up slightly: $54,438 compared to $53,809 for the prior year. Check averages were a solid $11 per person.
CPK president and CEO, Fred Hipp, commented, "We are pleased with our performance for the fourth quarter and the full year ended December 30, 2001. Although events in the fourth quarter created tremendous uncertainty in the economy and for the casual dining sector, our management team reacted quickly and implemented policies and procedures that allowed us to stabilize the business, and more importantly, exceed previously announced earnings guidance."
For fiscal '02, the CPK plans to open 17 new full-service restaurants.
Based on new unit development and a modest expected 1 percent sales increase for the year, the company is confident it will meet previously announced earnings per share of 80 to 84 cents for the year.
Founded in 1985, CPK operates, licenses or franchises 129 restaurants, of which 100 are company-owned and 29 operate under franchise or license agreements. It also has a strategic alliance with Kraft Pizza Company to manufacture and distribute a line of California Pizza Kitchen premium frozen pizzas.
Topics: Public Companies
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