CKE Restaurants Inc. announced its preliminary, unaudited financial results for the fourth quarter and full year fiscal 2011, ended Jan. 31. The estimated 4.6 percent drop in Q4 is attributed to the sale of the Carl’s Jr. distribution business, which was finalized in early July.
The quarter and year included 13 weeks and 53 weeks, respectively, as compared to 12 weeks and 52 weeks in the fourth quarter and fiscal year ended Jan. 25, 2010.
Fourth quarter results
The company expects to report total revenue of $297 million for the fiscal 2011 fourth quarter, a decrease of $14 million, or 4.6 percent compared to the FY 2010 fourth quarter.
Total revenue, excluding both the Carl’s Jr. distribution center revenue in the prior year quarter and the impact of the additional week, increased by $7 million, or 2.8 percent. The company estimates the additional week in the fiscal 2011 fourth quarter added approximately $22 million to revenue.
Blended same-store sales for company-operated restaurants improved by 2.3 percent Q4 '11. Hardee’s same-store sales increased 5.7 percent and Carl’s Jr. same-store sales declined 0.4 percent.
Adjusted EBITDA for the fiscal 2011 fourth quarter is expected to be between $36 million and $38 million, compared to $32.8 million for the fiscal 2010 fourth quarter.
Fiscal 2011 results
The company expects to report total revenue of $1.3 million for fiscal 2011, a decrease of $88 million, or 6.2 percent, compared to FY 2010.
Total revenue, excluding both the Carl’s Jr. distribution center revenue and the impact of the 53rd week, decreased by $5 million, or 0.4 percent. The company estimates the 53rd week in FY '11 added approximately $22 million to revenue.
Blended same-store sales for company-operated restaurants declined 0.8 percent in the quarter. Hardee’s same-store sales improved by 4.4 percent and Carl’s Jr. same-store sales declined 4.8 percent.
