July 4, 2005

Chain Update

Outback and CKE are among the chain restaurants that announced significant financial or operational news in recent days.

Outback Steakhouse reported its same-store sales results for the five-week period that ended on June 25. Same-store sales declined at company-owned Outback units by 0.7%, while they increased at franchised and joint-ventured restaurants by 1.7%. The Outback concept’s overall same-store sales fell by 0.4%. Carrabba’s Italian Grills reported a 9% increase in same-store sales, while same-store sales at Bonefish Grills increased by 2.4%.

CKE restaurants reached a development agreement with Bright Star, LLC to open 50 franchised Carl’s Jr. locations in Russia over the next eight years. The first unit is scheduled to begin operations early next year.

Ryan’s Restaurant Group reported selected financial results for its fiscal second quarter and month of June, both of which closed on June 29. For the quarter, same-store sales at Ryan’s units declined by 4%, while total sales were flat at $215.5 million. For the month of June, same-store sales fell by 4.3%, while total sales were flat at $66.7 million.

Papa John’s International announced that its domestic same-store sales increased by 6% for the five-week period that closed on June 26. Company-owned restaurants reported an 8.9% increase, while franchised units posted an increase of 5%. For the three months that ended June 26, the company’s same-store sales grew by 6.1%.

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