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Earnings Roundup

CKE Restaurants profit grows 8%

June 26, 2008|From Times Wire Services

Fast-food chain operator CKE Restaurants Inc. said its fiscal first-quarter profit rose 8%, helped by an increase in same-store sales at Carl's Jr. restaurants and a lower share count.

For the quarter ended May 19, net income rose to $16.6 million, or 31 cents a share, from $15.4 million, or 23 cents, a year earlier. Analysts polled by Thomson Financial expected profit of 27 cents a share.

The Carpenteria, Calif., company said the 2009 per-share result was based on 13.9 million fewer shares outstanding.

Sales fell 3% to $466.2 million. Analysts predicted revenue of $465.5 million.

Sales at locations open at least a year, rose 1.8% systemwide. By brand, same-store sales rose 3.9% at Carl's Jr. and fell 0.6% at Hardee's.

Shares fell 5 cents to $12.25 in after-hours trading. During regular trading, shares rose 54 cents, or 4.6%, to close at $12.30.

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