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California Pizza Kitchen comps off 6.5 percent in Q2
August 6, 2009
Comparable-store sales at California Pizza Kitchen restaurants fell 6.5 percent for the company's second quarter ended June 28, the company has announced.
Revenues for the quarter were $168 million, off 3 percent compared with revenues of $173.8 million in the second quarter of 2008. Year-to-date revenues were $326.7 million, off 3 percent compared with revenues of $336.5 million for the first six months of last year.
Net income for the quarter was $6.1 million, off 8 percent compared with revenues of $6.6 million for the 2008 second quarter. For the year to date, net income was $8.7 million, off 3 percent compared with net income of $9 million for the same period last year.
California Pizza Kitchen opened three domestic full-service restaurants and one international restaurant during the quarter. The company operates, licenses or franchises 254 locations, of which 208 are company-owned and 46 operate under franchise or license agreements.
For the third quarter, the company is projecting comparable restaurant sales to decline 6.5 percent - 7.5 percent. Earnings per share are projected to be in the range of 19-21 cents for the third quarter.
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