Casual dining chain California Pizza Kitchen Inc (CPK), saw revenues increase 23% to US$70.2m for its Q1, ended 31 March 2002, versus US$57m in the Q1 of 2001.
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Comparable restaurant sales increased approximately 2.7% for the three month period. The increase for the quarter was primarily due to menu price increases that took effect in May and November 2001.
In its 29 January year-end conference call, the company forecast same store sales growth of about 1% and earnings per share guidance in the range of US$0.17 to US$0.19 for the Q1. Based on the Q1 same store sales results, management is now comfortable with the high-end of this previously announced range.
In addition, based on the current development schedule and economic outlook, management remains comfortable with full year fiscal 2002 earnings per share guidance between US$0.8 and US$0.84.
During the Q1, CPK opened three new restaurants in Chandler, AZ; Long Beach, CA; and Raleigh-Durham, NC. The company expects to open a minimum of 14 additional restaurants during the remainder of 2002, of which four are expected to open in the Q2.
CPK intends to release its Q1 earnings on 23 April 2002.
