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Popeyes Q1 results continue 21 consecutive quarters of domestic growth


Popeyes Louisiana Kitchen Inc reported that Q12016 was the chain's 21st consecutive quarter of positive domestic same-store sales growth and 27th consecutive quarter of positive international same-store sales growth.Popeyes has increased its domestic market share of the chicken-QSR category to 26.3 percent this year over 24.6 percent during the same quarter last year,according to a company press release.

"We are on track to deliver our 2016 full year guidance and we are confident in our future outlook as we make progress against our new, next generation Strategic Roadmap," said Popeyes CEO Cheryl Bachelder. "We reported global same-store sales of 1.6 percent and earnings per diluted share of $0.58 during the first quarter, which was in line with our expectations. Despite the very promotional QSR landscape, our guests continue to value our quality food and innovative new product offerings and respond well to selective promotions of our core products."

First Quarter 2016 Highlights:

  • Total revenues up 3.4 percent to $82.2 million, compared to $79.5 million in Q1 2015.
  • Net income was $12.9 million, or $0.58 per diluted share, compared to $13.6 million, or $0.58 per diluted share in Q1 2015.
  • System-wide sales up 6.4 percent.
  • Global same-store sales up 1.6 percent.
  • Domestic same-store sales up 1.1 percent, compared to a 7.1 percent increase in the same period last year.
  • International same-store sales up 6.2 percent, compared to a 6.1 percent last year.
  • Company-operated store sales were $34.6 million this quarter compared to $34.7 million last year.
  • Popeyes opened 44 restaurants, including 19 domestic and 25 international locations. Net restaurant openings were 25.

Going forward

Popeyes is on track to deliver on its original guidance for this year, including a projection of system-wide same-store sales growth of 2 to 3 percent, as well as the addition of up to 235 new restaurant openings, administrative costs of 2.9 to 3 percent of system-wide sales, expenditures of $10 to $15 million, and earnings per share in the range of $2.10 to $2.15.

As of April 17, 2016, Popeyes had 2,569 operating restaurants in the United States, the District of Columbia, three territories and 26 foreign countries.


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