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AFC Reports Financial Results For Second Quarter 2013; Reiterates Fiscal 2013 Earnings Guidance

Stocks in this article: AFCE

On a system-wide basis, Popeyes had 2,153 restaurants operating at the end of the second quarter, compared to 2,049 at the end of the second quarter of 2012. Total unit count was comprised of 1,721 domestic and 432 international restaurants in 28 foreign countries and three territories. Of this total, 2,106 were franchised and 47 were Company-operated restaurants.

Fiscal 2013 Guidance

Given the strong sales performance in the first and second quarters, we are increasing our expectation of global same-store sales growth to 3.5% to 4.5% compared to previous guidance of the upper end of 3% to 4%.

We are also increasing our expectation of full year general and administrative expenses to $73 to $75 million compared to our previous guidance of $72 to $74 million. As a percentage of system-wide sales, general and administrative expenses remain at approximately 3.0%, among the lowest in the industry.

As a result of new company restaurant development in the first half of 2013 and our pipeline, we now expect to open between 8 and 10 total new company restaurants this year, compared to previous guidance of 6 to 10.

The Company reiterates the following guidance for fiscal 2013:

  • New restaurant openings in the range of 175 to 195 restaurants, and net restaurant openings in the range of 85 to 115. Included in 2013 total openings are approximately 60 international restaurants.
  • Capital expenditures of $24 to $28 million, including the conversion of restaurants acquired in 2012 in Minnesota and California.
  • An expected effective income tax rate in 2013 of 37% compared to 36.3% in 2012.
  • The Company plans to repurchase approximately $15 to $20 million in outstanding shares, compared to $15.2 million of share repurchases in 2012.

The Company also reiterates adjusted earnings per diluted share to be at the upper end of $1.37 to $1.42 for fiscal 2013.

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