Industry News | October 14, 2002
CKE Period 9 Same-Store Sales Down
CKE Restaurants, Inc. (NYSE: CKR), operator and franchiser of over 3,400 restaurants in the United States and internationally, announced today period 9 same-store sales, for the four weeks ended October 7, 2002, for each of its major brands -- Carl's Jr., Hardee's and La Salsa.
Same-store sales were down at both Carl’s Jr. (-6.6%) and Hardee’s (-3.8%). La Salsa saw a gain of 2.6% in the same period.
Commenting on the performance for the period, Andrew F. Puzder, President and Chief Executive Officer, said, "As expected, same-store sales at Carl's Jr. and Hardee's declined in period 9. For the third straight period, Carl's Jr. faced a difficult prior-year comparison associated with the success of The Six Dollar Burger(TM) campaign. Our strategy to increase profitability at Carl's Jr. and Hardee's by focusing on a select number of premium products and limiting the level of discounting, contributed to same-store sales declines this period -- particularly in light of the deep discounting currently taking place at certain competitive brands. The impact of our approach was most pronounced at Hardee's where prior-year increases were primarily attributed to our past practice of heavy promotions and discounting. Same-store sales at La Salsa rose nicely during the period and we're excited about the recent introduction of our new Three Pepper Fajita Burrito and Three Pepper Fajita Platter."
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