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CPK Q3 2009 prompts catering, takeout for Q4
October 7, 2009
Though same-store sales were lower than executives had predicted for California Pizza Kitchen's (Nasdaq: CPKI) third quarter, company founders announced a few new initiatives to bring comparable sales and stocks back to health.
In the company's projected earnings report, full-service comparable restaurant sales decreased approximately 8 percent this year, compared with last year's 2.4 percent decrease in the third quarter, which ended Sept. 27.
Revenues also decreased 5.3 percent for the company this quarter to land at $164.8 million. CPK's 2008 third-quarter revenues were at $174 million.
Rather than slash prices and devalue brand equity, CEOs Rick Rosenfield and Larry Flax said the company has been pursuing "sales-building initiatives" to introduce for the fourth quarter. These include a take-out call center, catering and an expanded wine program.
Operating efficiencies and a reduced tax rate allowed CPK management to increase its earnings guidance range to $.22 - $.24 per diluted share, up from the previously projected $0.19 - $0.21.
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