Even with the same-store sales increase, executives think restaurants could have performed better. They estimate that unfavorable weather hindered their units and that comparable sales would have come in 0.4% better.
However, same-store sales were better than expected, beating the 3% to 4% increase management forecast in February. During the first quarter the previous year, same-store sales jumped 6.7%.
California Pizza Kitchen added two full-service restaurants to its portfolio during the period, one in Austin, TX and the other in San Francisco. The company also opened two of its quick-service, CPK ASAP units, in Anaheim, CA and Kailua, HI, as well as its second full-service unit in Japan.
California Pizza Kitchen operates 212 restaurants, of which 181 are company owned, and 31 which are under franchise or license agreements. Executives increased their earnings guidance from 19 cents to 20 cents per share for the quarter, the full results of which are scheduled for release May 10. Prior guidance was for a 17-cent to 19-cent rise.
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