Popeye's Cuts Same-Store Sales Growth, Lowers 2016 Expected Store Openings By Half

Popeyes Louisiana Kitchen Inc PLKI shares are down 2.5 percent after hours on Tuesday. The restaurant chain reported Q2 EPS of $0.47, inline with expectations. Sales were $61.7 million versus estimates for $63.40 million.

Total system-wide sales increased by 6.5 percent. Global same-store sales increased 0.7 percent. Total domestic same-store sales were flat. International same-store sales increased 6.4 percent.

Popeye's lowered FY 2016 system-wide same-store sales growth from a range of 2-3 percent down to 1-2 percent.

Company operated store openings was lowered from three to five down to only two.

The company reiterated FY 2016 EPS guidance of $2.10 to $2.15 compared to estimates for $2.10.

Shares of Popeye's closed Tuesday's regular session up $1.54 or 2.70 percent to close at $58.48.