California Pizza Reaffirms Guidance

California Pizza Kitchen Says 2008 Earnings May Fall Below Wall Street Expectations

According to a news report from money.cnn.com, “Casual-dining chain operator California Pizza Kitchen Inc. on Thursday reaffirmed 2008 earnings, which could fall below analyst expectations amid a difficult restaurant environment.”

“The company expects a 2008 profit of 56 cents to 62 cents per share, or 54 cents to 60 cents per share excluding a 2 cent per share benefit from an accelerated stock repurchase. In January the company forecast a profit of 54 cents to 60 cents per share,” said the story. “Analysts polled by Thomson Financial expect profit of 59 cents per share. The company said same-store sales will be flat to down 1 percent during the year. Same-store sales, or sales in restaurants open at least one year, is a key gauge of a retailer’s performance because it measures growth at established restaurants rather than newly opened ones.”

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