July 18, 2005

Chain Update

McDonald’s, IHOP and CKE are among the chain restaurants that announced significant financial or operational news in recent weeks.

McDonald’s reported that its global system-wide sales increased by 4.9% in June vs. the same period a year earlier, when measured in constant currencies. Same-store sales for the period increased by 3.8% vs. the year-ago period.

IHOP Corp. announced its system-wide same-store sales increased 0.9% for the quarter ended June 30, 2005. For the six months ended June 30, 2005, system-wide same-store sales increased 0.8%. The company reiterated its expectations of full-year same-store sales growth of between 2% and 4%.

Famous Dave’s of America reached a development agreement to allow Hoosier Ribs to open six units in Indiana. Hoosier Ribs currently operates Famous Dave’s locations in Davenport, Iowa, and Rockford, Ill., where it is based.

CKE Restaurants Inc. announced that William P. Foley resigned as chairman of the board and as a director of the company, effective immediately. Vice Chairman Byron Allumbaugh was named his successor. Foley served as CKE’s chairman since 1994, and was CEO from 1995 through March of 2000.

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