CPKI had guided to Q1 same-store sales declines of -5.5% to -6.5% and EPS of $0.03-$0.05 (street at $0.05). Preliminary same-store sales came in within that range -5.9%, but now the company raised EPS guidance to $0.09-$0.10.
Q1 same-store sales improved sequentially from Q4 when comparable sales declined 7.2% but were relatively flat on a 2-year basis.
Rick Rosenfield and Larry Flax, co-CEOs of California Pizza Kitchen, Inc., stated, "The enduring strength of our culture, menu innovation and outstanding customer service are more important than ever during these difficult times. These core drivers, combined with our rapid implementation of cost saving initiatives, bolstered our first quarter results which exceeded expectations."