Popeyes Louisiana Kitchen Posts Upbeat Q1 Earnings, Lifts Forecast

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Shares of
Popeyes Louisiana Kitchen Inc
PLKI
gained over 2 percent in after-hours trading after the company reported better-than-expected earnings for the first quarter and lifted its outlook for the year. Popeyes now expects full-year earnings of $1.84 to $1.89 per share, versus earlier forecast of $1.83 to $1.88 per share. The company projects same store sales at the top end of its earlier growth forecast of 3.5 percent to 4.5 percent. The Atlanta, Georgia-based company reported a quarterly profit of $13.6 million, or $0.58 per share, versus a year-ago profit of $11.1 million, or $0.46 per share. Its revenue gained 13 percent to $79.5 million from $70.1 million. However, analysts were expecting earnings of $0.54 per share on revenue of $81.38 million. The average estimate among 7 Estimize users was for earnings of $0.54 per share and revenue of $81.42 million. Global same-store sales climbed 7.0 percent in the latest quarter, versus a 4.5 percent gain in the year-ago period. Total domestic same-store sales rose 7.1 percent, while international same-store sales rose 6.1 percent. Total system-wide sales surged 13.7 percent during the quarter. During the quarter, Popeyes repurchased 183,847 shares of its common stock for around $11.0 million. As of the end of the first quarter, Popeyes operated and franchised 2,420 restaurants, versus 2,248 at the end of the year-ago quarter. "Popeyes delivered another strong quarter. These results were driven by our menu innovation with Louisiana-inspired food, our compelling messaging and increasing media weights. Our five pillar strategic roadmap, coupled with excellence in execution, continues to deliver consistent results quarter after quarter. The strength and reliability of our performance gives us confidence in our organic growth opportunities, which include investments in human capital and international expansion," commented Cheryl Bachelder, Popeyes' Chief Executive Officer. Popeyes Louisiana Kitchen shares rose 2.34 percent to $59.40 in the after-hours trading session.
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Posted In: EarningsNewsGuidanceprofit
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