July 25, 2005

Chain Update

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

CKE Restaurants reported selected same-store sales results for the four weeks that ended on July 18. Same-store sales at Carl’s Jr. grew by 1.3% vs. the year-ago period, while Hardee’s posted a 0.4% same-store sales increase.

Panera Bread announced that its second-quarter revenue reached $140.2 million, an increase of 33.1% vs. the same period last year. The chain’s overall same-store sales grew by 7.9%, with franchised units posting 8.6% same-store sales growth and company-owned stores reporting an increase of 6.4%.

Benihana Inc. reported that its same-store sales for its fiscal first quarter, which closed on July 17, grew by 9% vs. the year-ago period. Total restaurant sales reached $73.3 million, a year-over-year increase of 13.5%.

IHOP Corp. announced that during the second quarter it signed franchise agreements for the opening of 28 new restaurants over the next eight-and-one-half years. These deals allow for the development of new stores in California, Georgia, Illinois, Kansas, Louisiana, New York, New Jersey, Tennessee and Virginia.

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