• Most Popular
  • Most Shared

UPDATE 1-CKE Restaurants October same-store sales fall 5.4 pct

Wed Nov 11, 2009 11:09am EST

Stocks

   

* Q3 same-store sales fall 3.7 pct

* Shares fall 7 pct

Nov 11 (Reuters) - CKE Restaurants Inc (CKR.N) said October same-store sales fell 5.4 percent, sending its shares down as much as 7 percent.

"Unemployment rates have continued to worsen while our competitors have escalated the deep discount burger wars. Both these events are having an adverse impact on same-store sales results for everyone including us," Chief Executive Andrew Puzder said in a statement.

Comparable sales in October fell 7 percent for Carl's Jr and 3.4 percent for Hardee's brands.

For the third quarter, same-store sales fell 3.7 percent, with Carl's Jr falling 5.2 percent and Hardee's down 1.8 percent.

Shares of the Carpinteria, California-based company were down 6 percent at $8.77 Wednesday morning on the New York Stock Exchange. They touched a low of $8.64 earlier in the session. (Reporting by Shobhana Chadha in Bangalore; Editing by Unnikrishnan Nair)



More from Reuters

Photo

Honda expands airbag recall as more Toyotas probed

TOKYO/DETROIT (Reuters) - Honda Motor Co said it would recall another 440,000 cars around the world for faulty airbags as rival Toyota Motor Corp faced further probes over its largest-ever safety crisis. | Video

» More Top News
Chairman of the Federal Reserve Ben Bernanke testifies before the Senate Banking, Housing and Urban Affairs Committee on Capitol Hill in Washington July 22, 2009. REUTERS/Kevin Lamarque
John Kemp:

The Fed needs a new storyline

It's irrelevant whether the Fed sells its assets back to the market. What matters is whether and when it's prepared to raise rates.  Commentary 

Economy
A worker drives a Toyota Motor Corp's newly assembled Prius hybrid vehicle onto a trailer near the company's plant in Toyota, central Japan February 9, 2010.REUTERS/Yuriko Nakao
Reuters Breakingviews:

Toyota's troubles in overdrive

The cost of Toyota's recall nightmare is nothing compared to the price of fixing its battered reputation.  Commentary 

Autos