CKE Restaurants, Inc. (NYSE: CKR) Plummets after Results
November 11, 2009 11:21 AM
CKE Restaurants, Inc. (NYSE: CKR) today reported same store sales for the period ending November 2, 2009. Comparable store-sales declined by 5% for the month of October while for the third quarter, sales declined by 3% due to worsening of unemployment rates. Total revenue for the third quarter was $246.6 million, a decrease of 3.5% from same quarter last year.
CKE Restaurants operated restaurant level margins is expected to be in between 18%-18.3% for the third quarter as compared to 17.9% same quarter last year. According to Mr. Puzder, the company is focusing on increasing its sales initiatives by increasing awareness for its premium products.
Shares of CKE Restaurants fell 5.80% to $8.77 in the morning trading hours. CKR declined by 17% in the last one month. The 52 week trading range for CKE is $4.88 - $11.52.
