Fast Food Operator CKE Swings to Profit
From Reuters
CKE Restaurants Inc., operator of the Carl’s Jr. and Hardee’s fast food chains, reported a fiscal first-quarter profit, reversing a year-earlier loss, helped by sales of low-carbohydrate products.
Improved sales also offset higher beef and cheese prices.
The Carpinteria, Calif.-based firm reported net income for its first quarter of $11.7 million, or 20 cents a share, contrasted with a loss of $5.8 million, or 10 cents, a year earlier.
Sales rose to $365.8 million from $339 million a year earlier. Same-store sales at company-run stores grew 9.8% at Carl’s Jr. and 11.9% at Hardee’s.
CKE operates 3,222 franchised and company-owned restaurants in 44 states and in 14 countries. The company’s shares rose 3 cents to $11.21 on the NYSE.
