CKE Restaurants Inc. said that its fiscal first quarter net loss narrowed slightly as the restaurant operator reduced expenses and saw rising sales at its Hardee’s restaurants
The Calabasas fast-food restaurant operator late Tuesday reported a net loss of $2.6 million for the quarter ended May 23, compared with a $3.1 million loss a year earlier. Total revenue fell 8 percent to $400 million, in part due to last year’s sale of its Carl’s Jr. distribution business, but total operating costs and expenses also were down by 9.6 percent.
Same-store sales rose 5.5 percent overall. Much of the growth came from a 9.6 percent increase at its Hardee’s restaurants, with Carl’s Jr. locations up only 2.1 percent.
CKE went private after being sold last July to Apollo Management Group for $694 million, but it still reports financials because it has publicly held debt. The company announced this month that it will redeem $40 million in senior secured second lien notes in July, but will still have $560 million of notes outstanding.
