CKE Restaurants Inc. (NYSE:CKR – News), parent company to the Sonic and Hardee’s brands, said in a quarterly filing with the Securities and Exchange Commission that it expects weak same-store sales in both of its major quick-serve brands.
Carl’s Jr. is expected to experience negative to flat sales for the remaining periods of fiscal 2003 and end the year with flat to a 1% increase in same-store sales. After four consecutive quarters of increases at the end of the prior year, Hardee’s is likely to experience negative same-store sales for the remainder of fiscal 2003.
Revitalizing the Hardee’s chain has become the top priority of the company, according to the report. A new marketing plan, a new focus on premium products, and remodeling restaurants are all aimed at improving Hardee’s profitability.