The Anaheim-based company says it lost $37.1 million in itsfiscal first quarter that ended May 21, compared to a smaller$2.45-million loss in the same period a year earlier. Sales dropped19%, to $471.5 million.
In a statement, CKE blamed most of its latest losses on the costof selling or closing 110 of its Hardee's and Carl's Jr.restaurants. The sales were made as part of the company'spreviously announced plan to get out of debt.
Indeed, the CKE report says its debt has dropped to about $46million from $300 million a year ago. "I believe we made … progressin this quarter," CEO Andrew Puzder says in the company's earningsstatement. Though CKE will likely post another loss in its currentquarter, Puzder says the firm's shrinking debt load and improvingsales figures indicate that the company is "turning thecorner."
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