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CPK Q3 comp-store sales rise 2%, but company posts $4.8 million loss

October 23, 2003

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LOS ANGELES—California Pizza Kitchen, Inc. reported that third quarter same-store sales for the period, ended Sept. 28, were up 2 percent, and that revenue rose 18 percent to $93.1 million, up from $78.9 million. (The bulk of the gain came from new-store openings.)

According to a news release, the company posted a third-quarter loss of $4.8 million due to an impairment charge and increased expenses. That led it to cut its earnings guidance for next year by 5 cents to 10 cents. In the comparable period last year, CPK made $3 million.

The 166-restaurant chain continues to struggle to maintain costs. Labor rose 17 percent for the quarter and its cost of sales rose nearly 25 percent.