California Pizza Kitchen Inc. said Tuesday that same-store sales fell 2.4 percent in the third quarter greater than a 2 percent decline forecast in August but stuck to its quarterly net income forecast.
The Los Angeles casual restaurant chain reiterated a net income forecast of 18 cents to 21 cents per share after releasing its third quarter revenue figures early. Analysts polled by Thomson Reuters were expecting 19 cents per share on average.
The company said sales rose 7 percent to $174 million, slightly missing Wall Street estimates of $175.6 million in sales.
California Pizza Kitchen, which plans to report full third-quarter financials Nov. 6, blamed the sales on events ranging from gas shortages in the Southeast U.S. to the Gulf Coast hurricanes. Co-chief executives Rick Rosenfield and Larry Flax said in a statement that customers staying home to watch the Olympics also were a factor.
Before the news release, the company's shares closed down 15 cents or 1 percent, to $11.10 in Nasdaq trading.
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