Popeyes Louisiana Kitchen Inc. reported an 8-percent increase in net income for its third quarter ended Oct. 5, with same-store sales and market share continuing to grow.
The Atlanta-based quick-service chain said a 7.2-percent increase in domestic same-store sales during the quarter outpaced the quick-service segment as a whole, as it has for 12 consecutive quarters. The company said its market share of the domestic quick-service chicken segment reached 23.7 percent, compared with 21.2 percent a year ago.
“The consistent delivery of top-line results provides the ongoing opportunity to invest in our growth strategies to expand our footprint around the globe and to deliver a top-tier employee and guest experience. We believe these go-forward strategies will help ensure strong, sustainable financial performance for our shareholders,” Popeyes chief executive Cheryl Bachelder said in a statement.
The company upgraded and narrowed its outlook for the year, saying it expects same-store sales growth between 5 percent and 5.5 percent. Previous guidance estimated same-store sales would rise 3 percent to 4 percent.
Popeyes ended the quarter with 2,315 restaurants, including 53 company-operated units, 1,772 franchised domestic locations and 485 franchised international units.
3Q NET INCOME
Result: $9.8 million, or 42 cents per share% Increase: 8.8% (from $9 million, or 37 cents per share)
3Q REVENUE
Result: $54.9 million% Increase: 11% (from $49.3 million)
3Q SAME-STORE SALES
% Increase global: 7.3%
% Increase domestic: 7.2%
% Increase international: 8.3%
Source: Company report
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