CKE profit falls 5% on center costs
CKE Restaurants Inc., which operates the Carl’s Jr. and Hardee’s burger chains, said its fiscal first-quarter earnings dropped 5% partly because of costs linked to a new distribution center.
For the quarter ended May 21, net income fell to $15.4 million, or 23 cents a share, from $16.2 million, or 23 cents, a year earlier. CKE had fewer shares outstanding in the latest quarter. Analysts had expected earnings of 28 cents a share.
Revenue rose about 2% to $481.8 million. Analysts had estimated revenue of $488.8 million.
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