ORANGE COUNTY, CA-CKE Restaurants Inc., the fast-food giant whose Carl’s Jr. and Hardee’s eateries make it one of the West’s biggest commercial real estate tenants, has reported its sixth-straight quarterly loss but says a financial rebound could be coming soon.

The Anaheim-based company says it lost $37.1 million in its fiscal first quarter that ended May 21, compared to a smaller $2.45-million loss in the same period a year earlier. Sales dropped 19%, to $471.5 million.

In a statement, CKE blamed most of its latest losses on the cost of selling or closing 110 of its Hardee’s and Carl’s Jr. restaurants. The sales were made as part of the company’s previously announced plan to get out of debt.

Indeed, the CKE report says its debt has dropped to about $46 million from $300 million a year ago. “I believe we made … progress in this quarter,” CEO Andrew Puzder says in the company’s earnings statement. Though CKE will likely post another loss in its current quarter, Puzder says the firm’s shrinking debt load and improving sales figures indicate that the company is “turning the corner.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.