AFC Enterprises Lifts 2013 Adj. Earnings Outlook - Quick Facts

(RTTNews) - AFC Enterprises Inc. (AFCE), the franchisor and operator of Popeyes restaurants, on Monday raised its adjusted earnings outlook for fiscal 2013, citing its fourth-quarter sales and store opening performance. The company also reported selected unaudited results for the the fourth quarter and fiscal year 2013.

The company said that global same-store sales for the fourth quarter increased 0.8 percent, rolling over a 6.2 percent increase in the same period last year.

During the fourth quarter, the Popeyes' system opened 49 domestic and 22 international restaurants, bringing full-year 2013 openings to 194 restaurants. The company had forecast new restaurant openings for the year in a range of 185 to 195.

The Popeyes system permanently closed 68 restaurants in fiscal 2013, resulting in net unit growth of 126 restaurants, compared to 66 net restaurants in 2012.

For fiscal 2013, AFC Enterprises' global same-store sales increased 3.7 percent, in line with the company's projected range for an increase of 3.5 percent to 4.0 percent. Two-year global same store sales growth was 10.6 percent.

For fiscal 2013, AFC Enterprises now forecasts reported earnings per share of $1.40 to $1.41. The company raised its outlook for adjusted earnings to a range of $1.42 to $1.43 per share from the prior range of $1.39 to $1.42 per share. This compares to adjusted earnings of $1.24 in fiscal 2012.

On average, five analysts polled by Thomson Reuters expect the company to earn $1.43 per share for the year. Analysts' estimates typically exclude special items.

The company's annual report on Form 10-K for its fiscal year 2013 that ended December 29, 2013, will be filed on Wednesday, February 26, 2014, after market close.