News

Popeyes' increases fiscal guidance for 2011

January 26, 2012

AFC Enterprises Inc., the franchisor and operator of Popeyes restaurants, reported selected unaudited results for its fiscal fourth quarter and fiscal year ending Dec. 25.

Global same-store sales increased 5.8 percent in the fourth quarter, compared to a 6.0 percent increase last year.

For the full year 2011, global same-store sales increased 3.1 percent, compared to a 2.6 percent increase in 2010, exceeding the company's previous full year guidance of positive 2.0 to 2.5 percent.

During the fourth quarter, the Popeyes' system opened 32 domestic and 20 international restaurants, bringing full year 2011 openings to 140 restaurants, compared to 106 restaurants last year. Openings were in line with the company's previous guidance of 130 to 140 new restaurants in 2011.

Additionally, the Popeyes' system permanently closed 75 restaurants in fiscal 2011, resulting in net unit growth of 65 restaurants, compared to 39 net restaurants in 2010.

Based on the fourth quarter sales and store opening performance, the company now expects fiscal 2011 fourth quarter reported earnings per diluted share will be $0.22-$0.23 and full year reported EPS will be $0.96-$0.97, compared to $0.90 in fiscal 2010.

Adjusted EPS for the fourth quarter is now expected to be $0.23-$0.24, bringing full year adjusted EPS to $0.98-$0.99, compared to adjusted EPS of $0.86 in fiscal 2010.

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