LOS ANGELES California Pizza Kitchen Inc. said Wednesday it expected to record a fourth-quarter net loss, versus a year-earlier profit, on negative same-store sales and impairment charges on 10 of its restaurants.
The operator or franchisor of 252 restaurants under the California Pizza Kitchen, CPK/ASAP and the LA Food Show Grill & Bar brands, said same-store sales for the quarter ended Dec. 28 fell 7.2 percent. Total revenues fell 0.7 percent to $161.7 million.
Based on those sales, as well as impairment charges that it did not detail for three ASAP locations and seven full-service restaurants, the company will post a loss of between 22 cents per share and 25 cents per share. A year earlier, California Pizza Kitchen posted earnings of 17 cents per share.
Excluding the latest-quarter restaurant impairment charges, CPK said it would earn between 8 cents per share and 10 cents per share.
Full fourth-quarter results will be released Feb. 12, the company said.