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Benihana (BNHNA)

Benihana reported total restaurant sales and comparable restaurant sales for the twelve-week third fiscal quarter ended January 3, 2010. Total restaurant sales increased 4.8% to $70.0 million in the third fiscal quarter 2010 from $66.8 million in the third fiscal quarter 2009. For the third fiscal quarter 2010, Company-wide comparable restaurant sales were (3.4%), including (5.9%) at Benihana teppanyaki, 4.4% at RA Sushi, and (1.6%) at Haru.
Another chain continuing the trend reporting SSS declines. Not surprising with such high continuing unemployment.

Jan 14 · 7:18:00 AM · Source: Company Press Release
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by Rich Pike

Sonic (SONC)

Sonic Drive-In sought to reassure investors today that it can service its debt. By re-franchising 209 units in the past year, the company added $80M to bring cash on hand to around $100M and the percentage of franchised outlets in the 3560-unit chain rose from 80% franchised to 87% franchised.
The presentation by CFO Stephen Vaughan and VP for Investor Relations Claudia San Pedro did little to affect investors, as the stock drifted lower throughout today on light volume.

Jan 14 · 7:11:00 AM · Source: Bluemaumau.com
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by Rich Pike

California Pizza Kitchen (CPKI)

California Pizza Kitchen announced that revenues increased 3.8% to $167.8 million for the fourth quarter ended January 3, 2010 versus $161.7 million in the fourth quarter of 2008. Full service comparable restaurant sales decreased approximately 5.8% compared to a 7.2% decrease in the fourth quarter a year ago. Based on preliminary results, management expects earnings of $0.15 to $0.17 per diluted share excluding the effect of non-cash impairment write-downs for 13 full service restaurants. The net loss for the fourth quarter, including the effects of non-cash impairment write-downs and projected tax benefits, is estimated to be negative $0.43 to negative $0.46 per diluted share.
The impairment write-downs are expected to create a $3.2 million benefit in depreciation expense in 2010 while the Company estimates termination costs in 2010 for the closure of approximately three restaurants to be $1 million. Rick Rosenfield and Larry Flax, co-CEOs of California Pizza Kitchen, Inc., stated "Despite sales challenges for new restaurants in the high unemployment states of California, Michigan and Florida, we were very pleased that our fourth quarter comparable sales were within our previously guided range. While the quarter benefited from easier comparisons, the year-over-year and sequential quarter improvements mark what we believe may be the first signs of a comp turnaround. Comparable sales improvements were widespread across our dine-in, take-out, and delivery channels, and we credit the turnaround to the successful launch of our wine, call center, and catering programs along with November's new menu rollout. Looking towards 2010, we are cautiously optimistic that these programs and other new revenue initiatives will continue to drive guest traffic and comparable sales."

Jan 14 · 7:03:00 AM · Source: Company Press Release
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by Rich Pike

California Pizza Kitchen (CPKI)

California Pizza Kitchen announced the expansion of their original agreement with Gourmet Gulf Company, an existing franchise partner.

Under the new agreement, Gourmet Gulf Company will develop 19 restaurants throughout the Middle East over the next 10 years. During the term of the agreement at least one California Pizza Kitchen restaurant is planned to open in each of the following Persian Gulf countries: United Arab Emirates, State of Kuwait, Sultanate of Oman, Kingdom of Saudi Arabia, State of Qatar and the Kingdom of Bahrain.
"We are pleased with the work Gourmet Gulf Company has done to bring our innovative brand to the UAE," stated Rick Rosenfield and Larry Flax, co-founders and co-CEOs of California Pizza Kitchen. "We look forward to further expansion throughout the Middle East under this new agreement."

Headquartered in Dubai, UAE, Gourmet Gulf Company is a joint venture between Daud Arabian Trading Co. LLC and Itihad International Investment Company. It is a leading regional restaurant holding group that owns and manages concept brands such as Gourmet Burger Kitchen, Morelli's Gelato, and Yo! Sushi.

Jan 14 · 6:58:00 AM · Source: Company Press Release
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by Rich Pike

Panera Bread (PNRA)

Panera Bread embraces the New Year with new menu options for those looking to start the year off right. With the introduction of a new protein option to Panera’s product line-up, salmon-lovers can relish three new options: the Mediterranean Salmon Salad, Salmon Caesar Salad and Salmon Club Croissant. Those looking for better-for-you options will welcome the new Low-Fat Garden Vegetable Soup with Pesto and the Low-Fat Black Cherry Smoothie. Adding to its breakfast options, Panera combines two of its morning favorites to create the Asiago Bagel Breakfast Sandwich. Finally, in celebration of the season, dessert-lovers can indulge in a variety of seasonal cookies, including Valentine’s Day cookies. The beloved Irish Soda Bread and Hot Cross Buns will also return to participating bakery-cafes nationwide for a limited time.
“Our new Honey Tangerine Vinaigrette tasted so good on its own, but we really didn’t know how to bring this unique citrus flavor to our menu,” said Chef Dan Kish, Panera’s Vice President of Food and former associate dean at The Culinary Institute of America. “Once we paired it with our salmon filet, we knew we had finally found the right flavor combination for our menu.”

Jan 13 · 2:52:00 PM · Source: Company Press Release
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by Rich Pike

Chipotle Mexican Grill (CMG)

Restaurant News is reporting that Chipotle Mexican Grill Inc. has introduced a new prototype that it said costs less to build and operate and uses less energy to maintain, while also providing the opportunity for increased sales volumes.

As part of a refresher to the Denver-based company’s more than 900-unit chain, Chipotle said Tuesday its new restaurant design has a kitchen that has been reduced in size by 25 percent and a price tag that has been cut by $25,000.
With a smaller footprint, the new prototype also can help Chipotle fill in smaller markets because the unit will have lower development costs, but the same return on investment, the company said. Chipotle plans to open between 120 and 130 new locations in 2010, and at least 32 of those will be this new prototype.

Jan 13 · 7:21:00 AM · Source: Restaurant News
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by Rich Pike

Cheesecake Factory (CAKE)

Cheesecake Factory announced preliminary, unaudited revenues and comparable restaurant sales for the fourth quarter of fiscal 2009, which ended on December 29, 2009. Total unaudited revenues were approximately $401 million in the fourth quarter of fiscal 2009 as compared to $400 million in the prior year fourth quarter. Comparable restaurant sales decreased 0.9% in the fourth quarter of fiscal 2009 from the fourth quarter of the prior year.
I'm seeing a trend of restaurants reporting same store sales declines in Q4 2009 compared to Q4 2008. The fourth quarter of 2008 wasn't exactly a pretty time for the economy, what with stock market meltdown, etc. So, for Q4 2009 SSS to decline from that level - that's kind of a problem.

Jan 13 · 7:06:00 AM · Source: Company Press Release
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by Rich Pike