Industry News | September 16, 2002

CKE Restaurants, Inc. Reports Period 8 Same-Store Sales

Bookmark/Share this post with:
Email this story Email this story
Printer-friendly versionPrinter-friendly version

Read More About

CKE Restaurants, Inc. (NYSE: CKR - News), operator and franchiser of over 3,400 restaurants in the United States and internationally, announced today period 8 same-store sales, for the four weeks ended September 9, 2002, for each of its major brands -- Carl's Jr., Hardee's and La Salsa.

Period 8 sales at Carl’s Jr. were down 8.1% compared to a 8.4% gain in the previous year period, Hardee’s was down 4.5% compared to a 0.8% gain in the preceding year, and La Salsa was down 0.8% compared with a 6.1% gain in the prior year period. Period 8 year to date figures show gains of 1.2% and 1.4% respectively for Carl’s Jr. and La Salsa and a 0.9% loss for Hardee’s.

Commenting on the performance for the period, Andrew F. Puzder, President and Chief Executive Officer, said, "As forecasted during our second quarter report on September 5, same-store sales for period 8 declined at all three major brands as expected. Our performance this period can be attributed to difficult prior-year comparables at Carl's Jr. and La Salsa, a shift in strategy year-over-year at Hardee's, and recent new product introductions and advertising campaigns at Carl's Jr. and Hardee's that failed to lift sales. As discussed on September 5, such factors led to our revised same-store sales guidance for the year at Carl's Jr. and Hardee's."

Concluded Puzder, "We recognize the challenges before us -- but we are confident they can be overcome. We believe that the recent same-store sales trend at Carl's Jr. is a temporary phenomenon arising from strong prior-year comparables and that the brand is fundamentally strong. At Hardee's, preliminary results from limited in-store tests have been encouraging and we are optimistic that our comprehensive plan for the brand will deliver a compelling value proposition for our guests and bring them back into the stores."

The Company expects to report same-store sales for period 9 on or about October 14, 2002.