California Pizza Kitchen
were stronger in extended trading Tuesday after the company raised its second-quarter earnings forecast and said same-store sales were better than expected.
The pizza chain owner said revenue increased 16.5% to $119.4 million for the second quarter ended July 3, compared with $102.5 million in the year-ago period. Comparable-store sales rose about 8.6%.
In April the company forecast a second-quarter comp sales increase of 5% to 6% and earnings of 26 cents to 28 cents a share. Now California Pizza expects earnings of 32 cents a share for the quarter. Shares were up $1.88, or 7%, to $29.55 in after-hours action.
On average, analysts polled by Thomson First Call were looking for a profit of 28 cents a share and sales of $114.3 million for the quarter. California Pizza plans to release its second-quarter earnings on July 28.