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Popeyes parent reports Q2 comps down
August 20, 2008
ATLANTA — Popeyes parent, AFC Enterprises Inc., has reported same-store sales were down for the second quarter ended July 13, 2008, despite a slight improvement in comp sales over last year and a rise in international comps.
Domestic same-store sales were down 1.7 percent compared to a decrease of 2.1 percent in the same period last year. International same-store sales were up 1.7 percent compared to an increase of 1.7 percent last year. Total global same-store sales decreased 1.4 percent compared to a decrease of 1.7 percent last year.
The company said same-store sales were impacted by lower transactions and slowing traffic due to challenges in the economy and to industry-wide pricing increases to offset rising commodity costs.
Revenues for the quarter were $39.3 million, up 2.6 percent from $38.3 million last year. Year-to-date revenues were $92.6 million, up 3.7 percent from $89.3 million last year.
The company's board of directors authorized refranchising and selling company-operated restaurant assets in Atlanta and Nashville, resulting in an $8.1 million impairment charge associated with the restaurant assets. Year-to-date, the company repurchased 2.1 million shares of common stock for $18.9 million.
Net income for the quarter was $6.6 million, no change compared to $6.6 million reported in the same quarter last year. Year-to-date, net income was $13 million, also reflecting no change from the same period last year.
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