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PLKI: Popeyes Stock Soars on Earnings Beat

It also raised its earnings guidance for the year


Shares of Popeyes Louisiana Kitchen (PLKI) soared almost 12% in Thursday morning trading after the restaurant chain posted better-than-expected quarterly earnings and sales.

trading volume PLKIPLKI reported a profit of $11.1 million during its fiscal first quarter, higher than the $9.6 million profit it generated in the year-ago period. Adjusted EPS came in at 46 cents, topping the 45 cents that analysts had predicted, the Wall Street Journal noted.

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Quarterly revenue of $70.1 million rose 16% year-over-year. It also narrowly beat the $69.5 million in revenue that Wall Street had been expecting.

PLKI said it launched 27 new locations during the quarter. PLKI now operates 2,248 restaurants in the U.S. and overseas.

Looking forward, PLKI forecast adjusted full year earnings of between $1.58 and $1.63 per PLKI share. That is slightly higher than its previously-issued guidance of earnings between $1.57 and $1.63 per share.

On Wednesday, Popeyes stock closed at $38.07 per share.

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