CKE Restaurants, Inc., owners of Carl’s Jr. and Hardee’s, has disclosed its second quarter results for fiscal 2011, which ended Aug. 9.
CKE reported total revenue of $313.9 million for 2Q, a decrease of $22.1 million, or 6.6 percent compared to the fiscal 2010 second quarter. The company attributed most of the decrease to the sale of the Carl's Jr. distribution business, which was finalized in early July, as well as the slow economy affecting its core consumers.
Company-wide same-store sales decreased 1.1 percent in the second quarter, including a 7.4 percent drop at Carl's Jr.
Meanwhile, Hardees same-store sales increased almost 7 percent, the sixth consecutive period of positive same-store sales for the unit.
"While the weak U.S. economic environment, particularly the ongoing high unemployment rate among our core target audience of young men, continued to impact same-store sales at Carls Jr., we experienced a significant improvement in same-store sales at Hardees," said Andrew F. Puzder, chief executive officer of CKE Restaurants. "We remain focused on maintaining our premium-quality brands and improving sales with innovative products and cutting edge advertising."
In July, CKE Restaurants Inc. was acquired by Columbia Lake Acquisition Holdings Inc., an affiliate of Apollo Management VII L.P., for $1 billion.
