News
Chuck E. Cheese comps off 1.6 percent
July 24, 2007
IRVING, Texas — Same-store sales for CEC Entertainment Inc., parent company of the Chuck E. Cheese brand, declined nearly 2 percent for the second quarter ended July 1, 2007.
Revenues for the second quarter increased to $180 million, up from $176 million reported for the same quarter last year. Revenues for the first six months of 2007 increased to $413 million, up from $403 million in the first six months of 2006.
Net income in the second quarter of 2007 decreased to $8.5 million, down from $10.2 million for the same period last year. For the first six months of 2007 net income was $41 million, up from $39 million for the same period last year.
"We believe sales and operating results in the second quarter were negatively impacted by pressures on consumer disposable income and significant increases in competition from family movies during the quarter," said Richard M. Frank, CEC's chairman and chief executive officer. "Although disappointed by the sales trends during the second quarter, we continue to believe our strategies will positively impact sales and earnings and over the long-term will deliver an excellent experience for our guests and solid performance for our shareholders."
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