Food Industry
Industry: Email Alert RSS FeedCPK rolls wine list, cites mood in price-hike limits
Nation's Restaurant News, Nov 4, 2002
LOS ANGELES -- California Pizza Kitchen Inc., while posting a 10.8-percent dip in third-quarter earnings because of two restaurant closures, said it would seek to build on its 5.3-percent rise in same-store sales for the period by debuting a new menu and a 20-label wine list at dinner.
CPK said the wine list is expected to boost alcoholic beverage sales from 10 percent of total volume to as much as 13 percent, yielding margins of about 60 percent.
The wine list was scheduled to be introduced by the 145-unit casual-dining chain this month along with the new menu, whose price hikes will be limited to about 1.1 percent in light of "somewhat shaky consumer confidence 1evels," chief executive Fred Hipp said inn conference call last month.
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The earnings decline to $3 million for the quarter reflected an after-tax writedown of $1.6 million for mall-unit closures in Concord, Calif., and Plano, Texas. CPK, whose chain includes 113 corporate-owned branches, also opened six units in the quarter, during which revenue rose 23 percent to $78.9 million.
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Raybell
RE: CPK rolls wine list, cites mood in price-hike limits
This Company is awsome. I think they are just finally realizing it's time to get back to their roots. I remember the first time I visited CPK in Beverly Hills before they became a huge Corp. I talked to the CEO's Of the company and they seemed to always have wanted to have a company that offers great quality wine at great prices. They have been able to adapt and make changes in this depressed economy. This is opportunity for the people and servers to turn guest on to new wines and get comfortable with discussing wines to the guest. Bottom line is quality and great service brings customers back. Example Santa Margherita Pinot Grigio awsome wine $9.25 a glass at Cpk vs $11.00 -$12.00 a glass competitors prices. Great food!!!!!
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