Business
Business

Popeyes same-store sales nearly flat for third quarter

By Joe Guy Collier
Nov 12, 2009

AFC Enterprises, the parent company of Popeyes, reported Thursday that global same-store sales fell 0.3 percent in the third quarter, as national advertising and value offerings helped offset a tough market for restaurants.

Atlanta-based AFC had third-quarter revenues of $31.9 million, compared to $38.3 million in the same period last year. The decline was due primarily to re-franchising 27 stores in the Atlanta and Nashville markets that were previously owned by the company.

AFC posted third-quarter net income of $3.4 million, or 13 cents a share, compared to $4 million, or 16 cents a share, in the same quarter last year.

The company said it took $1.9 million in charges in the most recent quarter for changes to a revolving credit and loan agreement. Excluding those charges, AFC said it would have earned 18 cents per share.

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Joe Guy Collier
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