CPK increases forecast for year
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California Pizza Kitchen Inc. posted lower first-quarter profit but raised its outlook for the full year.
Net income at the Los Angeles-based restaurant operator fell to $2.5 million, or 9 cents a share, from $3.6 million, or 12 cents, a year earlier. Sales grew more than 10% to $164.7 million.
Sales at restaurants open at least 18 months were up 0.4%. Same-store sales are a widely used gauge of the health of restaurants and retail stores.
The company raised its outlook for the year, forecasting earnings of 59 cents to 65 cents a share, including a 2-cent gain from stock buybacks.
The company had previously forecast earnings of 56 cents to 62 cents, including the gain from share repurchases.
Its shares fell 3 cents to $16.01 in regular trading and slipped to $15.94 after hours.
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