Popeyes Louisiana Kitchen Inc. reported Wednesday a 2-percent decline in net income for its July 13-ended second quarter, largely due to costs associated with executive transitions.
Excluding the impact of those transition expenses, the Atlanta-based quick-service operator realized an adjusted increase in earnings of 39 cents per share, an increase of 11.4 percent.
Earlier this month, Popeyes U.S. president Ralph Bower left the company to take the CEO role at Pei Wei Asian Diner.
Cheryl Bachelder, Popeyes’ chief executive, said in a statement, “Popeyes’ strong second quarter demonstrates our focused execution of our strategic roadmap. We have consistently delivered excellent results quarter after quarter for the past six years. The sustainability of our performance is a reflection of our principles, priorities and processes.
“As we look ahead, we are excited about this new era for Popeyes — an innovative menu, beautifully remodeled restaurants, an expanding global footprint, and a renewed focus on our employees and guests,” she added.
Popeyes ended the quarter with 2,262 restaurants in the United States, three U.S. territories and 26 other countries.
2Q NET INCOME
Result: $8.3 million, or 35 cents per share% Decrease: 2% (from $8.5 million, or 35 cents per share)
2Q REVENUE
Result: $53.7 million% Increase: 12% (from $47.9 million)
2Q SAME-STORE SALES
% Increase systemwide: 3.6%
% Increase at domestic units: 3.8%
% Increase at international units: 2.2%
Source: Company report
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Contact Lisa Jennings at [email protected].
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