February 14, 2004 |
CKE Restaurants Inc. said it planned to close 28 Hardee's restaurants and write down the value of its La Salsa restaurants. CKE, which also owns the Carl's Jr. chain, said it incurred expenses of $14 million to $16 million for the closures in its fourth quarter ended Jan. 26. Writing down La Salsa's value resulted in goodwill impairment costs of $30 million to $34 million, according to CKE. Shares of Carpinteria, Calif.-based CKE fell 15 cents to $8.58 on the NYSE.
January 13, 2003 |
While McDonald's and Burger King battle to see who can sell burgers the cheapest, Santa Barbara-based CKE Restaurants Inc. -- the parent company of Carl's Jr. -- is trying to distinguish itself as a premium alternative. CKE, California's largest publicly traded fast-food company, has chosen to stay out of the discount war that industry analysts say has sliced profits at the two market leaders. Profit also has been hard to come by at CKE since its 1997 acquisition of the Hardee's chain.
December 11, 2002 |
The Santa Barbara-based parent company of the Carl's Jr. and Hardee's chains expects to show a fiscal fourth-quarter loss of at least 6 cents a share -- returning the company to the red after two consecutive periods in the black, company officials and analysts said Tuesday. For its fiscal year ending Jan. 27, 2003, CKE Restaurants Inc. expects earnings of 50 cents to 52 cents a share, Andrew F. Puzder, president and chief executive, said in a conference call with analysts.
December 10, 2002 |
A string of one-time events, including a $5.5-million tax break, helped the Santa Barbara-based parent of the Carl's Jr. and Hardee's burger chains post net income of $9.5 million for the third quarter, compared with a net loss of $1.7 million in the year-ago period, the company said Monday. One-time events aside, however, CKE Restaurants Inc. reported what were essentially flat earnings from operations. Also, same-store sales, a key measure of a chain's strength, fell 5% at Carl's Jr.
June 12, 2002 |
With sales growth in the fast-food industry wilting like a soggy hamburger, major chains such as McDonald's Corp., Burger King and Carl's Jr. are trying to generate some excitement by unleashing a tidal wave of new menu items. But, to paraphrase an adage, there is very little new under the heat lamps. Quick-service giants, in their quest to boost profits and sales, have largely forsaken innovation and originality in favor of knockoffs of competitors' greatest hits.
September 14, 2001 |
Struggling CKE Restaurants Inc. said Thursday that it lost money for the seventh consecutive quarter as sales sagged, but the company pointed to some signs the worst may be over. The Anaheim owner of the Hardee's and Carl's Jr. hamburger chains lost $36.8 million, or 73 cents a share, for the three months ended Aug. 13, up from a loss of $13.9 million, or 28 cents, in the same period a year ago. But the bigger loss stemmed mostly from one-time charges from closing and selling restaurants.
July 21, 2001 |
T.G.I. Friday's, a casual-dining restaurant chain, sued CKE Restaurants Inc.'s Carl's Jr. to stop the fast-food operator's "six-dollar burger" advertising campaign. Friday's claims that Carl's Jr.'s advertisements are false, misleading and unfair competition, according to the lawsuit filed in U.S. District Court in Los Angeles. One of the Carl's Jr.'s posters states that the fast-food chain's $3.95 burger is "like the burger I just paid about $6.25 for at Friday's."
June 27, 2001 |
CKE Restaurants Inc., which owns the Hardee's and Carl's Jr. hamburger chains, said Tuesday its loss widened dramatically in its fiscal first quarter and its second quarter also will be a losing one. The Anaheim company attributed the losses mainly to costs in closing and selling restaurants. The loss for the quarter ending May 21 grew to $37.1 million, or 74 cents a share, from last year's first-quarter loss of $2.45 million or 5 cents a share, the company said. Sales fell 19% to $471.
June 14, 2001 |
CKE Restaurants Inc. said Wednesday it expects a "substantial" loss in its fiscal first quarter, primarily from restaurant closings and the sale of its Taco Bueno chain to a private investment group. CKE lost $2.45 million a year ago. The struggling Anaheim company, which operates Hardee's and Carl's Jr. fast-food chains, agreed in March to sell its Taco Bueno restaurants for $72.5 million to an affiliate of Jacobson Partners, a private equity buyout firm.