Atlanta, March 12 - AFC Enterprises, Inc., the franchisor and operator of Popeyes(R) Chicken & Biscuits, today reported results for its fiscal year 2007 which ended December 30, 2007. The Company also announced a new strategic plan designed to enhance shareholder value and leverage the Popeyes brand through expanded marketing and menu offerings, in addition to improving guest experience and unit economics. A key component of the new strategic plan is the commencement of a process to identify experienced and qualified franchisees to purchase company- operated restaurants.
Fiscal year 2007 highlights*:
-- Net income was $23.1 million, or $0.80 per diluted share, compared to $22.4 million, or $0.75 per diluted share, in fiscal 2006. For the twelve weeks in the fourth quarter of 2007, net income was $3.6 million, or $0.13 per diluted share, as compared to $5.6 million, or $0.19 per diluted share, for the thirteen weeks in the fourth quarter last year. The 53rd week in fiscal 2006 increased net income by approximately $0.02 per diluted share.
-- Total system-wide sales increased by 0.3 percent compared to 7.0 percent last year. Excluding the impact of the 53rd operating week in fiscal 2006, system-wide sales would have increased by 2.1 percent.
-- Total domestic same-store sales decreased 2.3 percent compared to an increase of 1.6 percent in fiscal 2006. International same-store sales increased 1.1 percent compared to a decrease of 3.2 percent last year. Total global same-store sales decreased 2.0 percent compared to an increase of 1.1 percent last year.
-- The Popeyes system opened 124 restaurants and closed 109 restaurants, bringing the total unit count to 1,905 compared to 1,878 at the end of 2006.
-- The Company repurchased approximately 2.5 million shares of common stock for approximately $39.4 million.
*Fiscal 2007 results included 52 weeks compared to 53 weeks in fiscal 2006.