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In Brief / EARNINGS

CKE profit falls more than forecast

September 20, 2007|From Times Wire Services

CKE Restaurants Inc., the Carpinteria-based owner of the Hardee's and Carl's Jr. chains, said second-quarter profit fell more than analysts anticipated on a drop in sales and rising costs.

Net income declined 34% to $9.43 million, or 15 cents a share, from $14.2 million, or 20 cents, a year earlier. Excluding discontinued operations, earnings missed analysts' estimates by 2 cents. Sales dropped less than 1% to $363.1 million.

"We are not satisfied with this decline," Chief Executive Officer Andrew Puzder said. "We have taken and will continue to take steps to reverse this trend."

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