Popeyes sales propel it into fiscal 2014
by Meat&Poultry Staff
ATLANTA – Popeyes Louisiana Kitchen Inc., the franchisor and operator of Popeyes restaurants, reported for fiscal 2013 which ended Dec. 29, 2013, net income of $34.1 million, or $1.41 per diluted share. Adjusted earnings per diluted share were $1.43 compared to $1.24 in 2012.
Total system-wide sales increased by 8.2 percent. Total revenues increased 15 percent to $206.0 million in 2013 from $178.8 million in the prior year. Included in total revenues was $5.5 million in non-recurring franchise revenues related to the conversions of restaurants acquired in Minnesota and California.
Operating EBITDA was $65.2 million at 31.7 percent of total revenue, compared to $55.9 million at 31.3 percent of total revenue last year.
In fiscal 2013, Popeye's reported sales increase
of 8.2% system-wide.
For five consecutive years, Popeyes’ domestic same-store sales have outpaced the chicken-QSR and the entire QSR categories, according to independent data.
“Popeyes momentum continued to accelerate in 2013,” said Cheryl Bachelder, CEO. “Our market share of the domestic chicken QSR category grew to 20.8 percent. We opened 194 new restaurants -- the highest opening count in 15 years. Over 550 domestic restaurants were remodeled, bringing the total to more than 60 percent of the domestic system in the new Popeyes Louisiana Kitchen image.
“These accomplishments reflect our disciplined execution of our strategic plan and our exceptional alignment with our franchisees,” she added. “Looking forward, we will continue to invest in building leader capabilities to support our ambition of becoming a best-in-class employer, consistently delivering superior service to our guests.”
Popeyes Louisiana Kitchen Inc. is the franchisor and operator of Popeyes restaurants -- the world's second-largest quick-service chicken concept based on number of units. As of Dec. 29, 2013, Popeyes had 2,225 operating restaurants in the US, three territories, and 28 foreign countries.