| |
| |
One moment, please... we are searching the news archive.
|
|
|
Hotel Industry News |
Tuesday December 2nd, 2008 |
 |
AFC Reports 2006 Mid-Quarter Update for Period 8 and Period 9 Operating Results |
|
AFC Enterprises, Inc. (NASDAQ:AFCE) , the franchisor and operator of Popeyes(R) Chicken & Biscuits, reported operational results for its financial period 8 which ended August 6, 2006 and period 9 which ended September 3, 2006. |
Period 8 and Period 9 Operating Performance Results for Popeyes
Popeyes reported total domestic same-store sales increased 0.8 percent in period 8 and 1.9 percent in period 9 of 2006, compared to increases of 0.9 percent and 1.1 percent for period 8 and period 9 of 2005, respectively. These results represented positive same-store sales for the twenty-eighth and twenty-ninth consecutive periods. Year-to-date, Popeyes total domestic same- stores sales growth was up 3.7 percent.
During the balance of the year, Popeyes anticipates some decline in domestic franchise and company-operated same-store sales growth due to the impact of Hurricanes Katrina and Rita in certain markets. Total domestic same-store sales growth during the fourth quarter of 2005 was elevated by approximately 1-2 percentage points due to increased sales experienced in these hurricane affected markets. As a result of these increased sales in the fall of last year, Popeyes is estimating that fourth quarter 2006 same-store sales on a domestic system-wide basis will be approximately 1.5 percentage points lower than the growth it otherwise would experience. The Company anticipates that same-store sales growth for company-operated restaurants will likewise be approximately 6-8 percentage points lower than they otherwise would have been.
On a full-year basis, the Company continues to expect total domestic same- store sales growth to remain consistent with previous guidance of up 2.0-3.0 percent.
The Popeyes system opened 14 restaurants during period 8 and period 9 of 2006, compared to 17 total system-wide openings during the same periods in 2005. These openings included 13 units domestically and 1 unit internationally. Year-to-date, the Popeyes system has opened 80 restaurants compared to 68 openings during the same period in 2005. On a full-year basis, Popeyes anticipates 2006 system-wide openings to be approximately 140 units, with domestic openings at over 60 percent of the total amount.
The Popeyes system had 1,835 total units at the end of period 9 of 2006, comprised of 1,512 domestic units and 323 units in two territories and 24 foreign countries. This total unit count represented 1,785 franchised and 50 company-owned restaurants.
As of September 17, 2006, Popeyes had 16 company-owned restaurants open and operating in the New Orleans market. The Company projects approximately 20 company-owned restaurants to be open and operating in New Orleans by year end fiscal 2006.
The Company's projections for general and administrative expenses are expected to be at the higher end of the range of previous guidance of $46-$48 million for fiscal year 2006.
AFC Chief Executive Officer Ken Keymer stated, "Despite the softening we experienced in same-store sales in period 8 as a result of higher gasoline prices in July and as competitive pressures ramped up with value-offerings, we were able to see same-store sales improvements in period 9 with our limited- time Butterfly Shrimp offering in August and continued focus on operations. Our new restaurant development continues to be on target with year-to-date openings of 80 restaurants. Overall we are pleased with our progress and we remain on target with our full year operational guidance."
|
|
|
 |
|
 |
|
|
| Last: |
3.34 |
| Time: |
12/1/2008
4:00pm |
| Change: |
0.00 |
| Opened: |
N/A |
| Day: |
N/A - N/A |
| Volume: | 0
|
|
|
|
Post Release
Get Content
Email News Brief
Saved Articles
Advertising
Handheld
XML/RSS
Post News