Los Angeles-based casual dining chain California Pizza Kitchen (CPK) has posted same store sales up 5.1% for the Q2 ended 30 June 2002, versus 3.3% in the same period a year ago.

Accordingly, CPK expects total revenues to grow by approximately 25% in the Q2 to around US$75.6m. The same store sales growth for the quarter was due to several factors including an approximate 2.5% increase in menu pricing that took effect in May and November 2001, changes in menu mix, and traffic growth.

During the Q2 ended 30 June 2002, CPK opened four new restaurants in Detroit, MI; Louisville, KY; Seattle, WA and Wayne, NJ. To date, it has opened seven new restaurants and anticipates opening a minimum of ten additional restaurants this year.

On its 23 April 2002 Q1 conference call, CPK had forecast same store sales growth of approximately 1% and earnings per share guidance in the range of US$0.19 to US$0.21 for the Q2. Based on the Q2 same store sales results, management is increasing its earnings per share expectation to the range of US$0.21 to US$0.23 for the Q2.

In addition, based on the current development schedule and economic outlook, management is increasing its FY 2002 earnings per share guidance by three cents to a range of US$0.85 to US$0.88. Implicit in this assumption is same store sales growth in the H2 of 3.5% to 4.5%, slightly higher labour expense, and the possibility of 1 to 2 additional store openings in the Q4. Additionally, for the FY ending 31 December 2002 management anticipates earnings per share to grow by approximately 20% with a corresponding earnings per share range of US$1.01 to US$1.05.