CKE Restaurants Sales Slip; Prices Don't

Unwilling to bite the bullet and lower food prices, CKE Restaurants(CKR Quote) posted a 5% decline in same-store sales for the period ended July 13.

By division, Carl Jr.'s same-store sales sank 6.1% and dropped 3.6% at Hardees.

Total revenue slipped to $86.4 million from $89.4 million, hurt by the same-store sales drop-off and the refranchising of Hardee's restaurants during the prior fiscal year.

But even as competitors like McDonalds(MCD Quote) and Wendy's/Arby's (WEN Quote) lower prices and promote dollar menus, CKE is remaining true to its premium pricing.

"All we see in the windows of fast food chains is numbers. Where is the food?" CEO Andy Puzder said in an exclusive interview with TheStreet. "We are continuing to deliver our premium burgers and emphasizing the value and quality of the meal, not its price."