Income for CKE Restaurants up 19% in year
March 26, 2009
by Bryan Salvage
CARPINTERIA, CALIF. — For the year ended Jan. 31, CKE Restaurants, Inc. had net income of $36,956,000, equal to 71c per share on the common stock, up 19% from $31,076,000, or 52c per share, during the previous year.
Total revenue for the year was $1,482,710,000, down 3% from $1,534,634,000 during the previous year.
"Fiscal 2009 was an extremely challenging year for our economy, including record commodity costs, the collapse of the credit markets and a significant decline in consumer spending in the latter half of the year," said Andrew F. Puzder, chief executive officer. "Nevertheless … both of our brands recorded increases in same-store sales and set record average unit volumes. We aggressively managed costs at the restaurant level, mitigating the impact of rising commodity costs and minimum wage increases. In addition, we and our franchisees and licensees opened 109 new restaurants and added 36 net units to our systemwide base. We successfully completed our strategic refranchising program and signed a number of significant development agreements with new franchisees both domestically and internationally."
For the fourth quarter ended Jan. 31, net income was $2,608,000, or 5c per share, up significantly from $98,000 during the same quarter of the previous year. Sales for the quarter were $327,454,000, down 3% from $338,119,000 during the same quarter of the previous year.