(RTTNews) - CKE Restaurants Inc.
(CKR) on Wednesday reported a 1.8% increase in first quarter 2009 blended same-store sales compared to flat sales in the prior-year quarter.
Quarterly same store sales at Carl's Jr. outlets increased by 3.9%, while Hardee's declined 0.6%.
The quick-service restaurant operator said that higher prices for dairy, potatoes, oils, and wheat continues to impact Hardee's, but were partially offset by price increases and other actions taken to reduce food costs.
Total revenues for the quarter were $358.2 million with Carl's Jr. contributing $195.3 million and Hardee's outlet contributing $162.9 million.
On a consolidated basis, the company has narrowed the restaurant operating expenses from 300 basis points in second quarter fiscal 2008 to 160 basis points in the fourth quarter, and anticipates to further narrow the gap to between 30 and 60 basis points in the first quarter of fiscal 2009.
During the four-week period, blended same store sales rose by 1.8%, with same store sales at Carl's Jr. outlets climbed 4.2% and Hardee's same store sales fell 1.0% from the same period a year ago.
CKR is currently trading at $10.00 on the NYSE.
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