Industry News | November 11, 2002
CKE Restaurants, Inc. Reports Period 10 Same-Store Sales
CKE Restaurants, Inc., (NYSE: CKR) announced today period 10 same-store sales, for the four weeks and quarter ended November 4, 2002, for each of its major brands -- Carl's Jr., Hardee's and La Salsa.
Same-store sales for the period were up 1.1% at Carl’s Jr., compared with a 3.3% increase in the same period in fiscal 2002. Hardee’s saw a decrease of 3.1% compared to a 0.8% gain a year ago. La Salsa was down 0.9% compared to a 3.2% gain in fiscal 2002.
Commenting on the performance for the period, Andrew F. Puzder, President and Chief Executive Officer, said, "As forecasted in our period 9 press release, difficult prior-year comparisons related to the success of The Six Dollar Burger(TM) campaign at Carl's Jr. began to taper off this period and same-store sales were slightly positive over a prior-year increase of 3.3% -- reversing the negative trend seen in the past three periods. We believe our strategy to increase profitability at both Carl's Jr. and Hardee's by focusing on a select number of premium products and by limiting the level of discounting, has continued to contribute to weakness in same-store sales -- particularly at Hardee's. We also believe that the aggressive level of discounting pursued by certain of our competitors has negatively impacted sales.”
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