Popeyes sees profits drop 16 percent for 2008 - New Mexico Business Weekly:

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There are three Popeyes in theAlbuquerque area. Net income for 2008 fell to $19.5 million from $23.1 million, a 16 percent drop, according to an annual report filed withthe . Earningx per share for the year were down 4 centds to 76 cents for compared to theprevious year. Revenues for the year were $166.78 million, off a scant 0.3 percent from 2007. But expensess climbed 3.9 percent for 2008 to $126.5 million from $121.7 million a year ago.
The restaurant industrhy has been hard hit by the global though quick-service restaurants have tended to weather the stornm better than higher priced "In 2008 we built a sound foundatioj for our strategic plan," AFC Enterprisese CEO Cheryl Bachelder said in a news "While our domestic same-store sales fell shorg of our goals, we outpaced the chicke QSR category for the third consecutive quarter accordinvg to independent data. Our international restaurants enjoyedr a good year inboth same-store salees and unit growth." In the fourth AFC Enterprises reported profits of $2.
4 million (dowm 33 percent), and earningsa per diluted share of 10 cents (off 3 centsw from the same quarter last AFC Enterprises operates or franchises more than 1,900 Popeye’ds locations throughout the United Statews and in 25 It added 17 last year and plansd to open 90 to 110 locations in 2009. But, AFC Enterprisesz reported it plans to suffer a net loss in restaurantw of between 30 to70 locations, resulting from the closurd of 140 to 160 restaurants with “significantlu lower” than average sales. Systemwide sales rose 0.6 Domestic same store sales forthe world’zs second largest quick-service chicken chaih decreased 2.
2 percent, while international same store salesa climbed 4.1 percent. AFC Enterprises is projecting its global same store sales to drop 1 percent to 3 percengtin 2009.