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California Pizza Kitchen to open 18 new stores next year, reports jump in 3rd-qtr profit
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NEW YORK - Restaurant chain California Pizza Kitchen said it boosted third-quarter profit by nearly 17 percent by cutting costs and expects 18 new stores to open next year.
The Los Angeles-based company on Thursday reported net income of $5.8 million, or 24 cents a share, for the three months that ended Sept. 27. Quarterly revenue dipped 5 percent to $164.8 million, but the company trimmed costs to $156.9 million from $166.5 million.
Analysts surveyed by Thomson Reuters expected profit of 24 cents per share on sales of $164.8 million.
The company said it expects fourth-quarter income between 16 and 18 cents a share with sales falling between 5.5 and 6.5 percent. California Pizza Kitchen said it launched several revenue and traffic building initiatives in the current period in addition to a new menu introduction. They include a take-out call center, catering program and an expanded wine program.
Analysts have predicted earnings of 20 cents per share and sales of $171.2 million.
Company stock added 25 cents to close at $13.84 in Thursday trading.
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