ANAHEIM — CKE Restaurants Inc., the parent company of Carl Karcher Enterprises Inc. posted sharp gains in profit for the fiscal year ended Jan. 29, on a 5% increase in revenue.
The company also said same-store sales, a key performance indicator in the restaurant business, increased 4% for the year, the biggest gain in seven years.
Net income increased to $11 million, or 59 cents a share, from $1.3 million, or 7 cents a share, for the prior fiscal year. Revenue rose to $465.4 million from $443.7 million.
For the fourth quarter, the company earned $3.2 million, or 17 cents a share, compared with a net loss of $542,000, or 3 cents a share, for the comparable quarter of the previous fiscal year. Revenue gained 7% to $106.7 million from $99.6 million.
The company said same-store sales increased 10% in the fourth quarter, compared with a declined of 2.1% a year ago.
'We are extremely pleased with our fourth quarter and full year results, but feel the best is yet to come," said William P. Foley, CKE's chairman and chief executive.
Tom Thompson, president and chief operating officer, said the dual-brand restaurants that the company operates with Green Burrito should contribute more heavily to CKE sales this year. They didn't have a significant impact in the recent fiscal year because they were launched late in the year, Thompson said.
The company currently operates 29 Carl's Jr./Green Burrito outlets, and is opening new branches at the rate of one per week, he said.