News
Profits up slightly at California Pizza Kitchen
May 7, 2009
LOS ANGELES -- Comparable-store sales at California Pizza Kitchen restaurants were off 5.9 percent for the first quarter ended March 29, the company has announced.
Revenues for the company were $161.1 million, off 2 percent compared with revenues of $164.7 million for the 2008 first quarter. Net income for the quarter was $2.6 million, up slightly compared with net income of $2.5 million for last year's first quarter.
Average weekly sales for the company's 194 full service restaurants were $61,308 for the quarter compared with $65,489 for the same period last year.
During the quarter, the company added one full service restaurant in Wellesley, Mass. In addition, the company's franchise partners opened full service restaurants in Dubai, United Arab Emirates, and Lomas Verdes, a residential suburb of Mexico City.
For the year, California Pizza Kitchen projects:
- Comparable restaurant sales of approximately negative 5.5 percent to negative 6.5 percent
- Opening three full service restaurants
- Opening one international full service franchise restaurant
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