California Pizza down nearly 10%

Share of California Pizza Kitchen traded down 8.7% on Monday. The company revised its earnings guidance, forecasting lower sales in the pizza chain's comparable full service restaurants. Based on interim results, management now sees a 7% decline in same-store sales in the second quarter, versus the previously estimated 6.0% decline. Actual April and May comparable restaurant sales were down 2.7% and 7.9%, respectively. The company announced in April that it was considering "a wide range of financial and strategic alternatives, which include changes in the company's capital structure, or a possible sale, merger or other business combination."

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- Posted: 2010-06-21 09:49:57

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