Country Style Cooking Restaurant Chain Announces Preliminary First Quarter 2015 Results
Apr 22, 2015, 08:30 ET
CHONGQING, China, April 22, 2015 /PRNewswire/ -- Country Style Cooking Restaurant Chain Co., Ltd (NYSE: CCSC) ("Country Style Cooking" or the "Company"), a fast-growing quick service restaurant chain in China, today announced preliminary first quarter 2015 results.
For the first quarter ended March 31, 2015, the Company opened 11 new restaurants, bringing the total net restaurant count to 344, compared to a total restaurant count of 303 as of March 31, 2014. The new openings include four restaurants under the brand name "Mr. Rice."
The Company currently anticipates that 2015 first quarter net revenue will be in the range of RMB 350-370 million ($56.5-$59.7 million), representing year-over-year growth of at least 1.9%. The Company expects to achieve positive operating income and net income in spite of single digit negative same store sales in the first quarter which was attributable to customer traffic dilution as the Company further penetrates the local market.
Country Style Cooking plans to report its first quarter 2015 results in mid May.
About Country Style Cooking Restaurant Chain Co., Ltd.
Country Style Cooking Restaurant Chain Co., Ltd. (NYSE: CCSC) ("Country Style Cooking") is a fast-growing quick service restaurant chain in China, offering delicious, everyday Chinese food to customers who desire fast and affordable quality meals. Country Style Cooking directly operates all of its restaurants under brands of CSC and Mr. Rice and is the largest quick service restaurant chain in Chongqing municipality, home to Sichuan cuisine, one of the best-known Chinese regional cuisines. Additional information about Country Style Cooking can be found at http://ir.csc100.com.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the outlook for the first quarter of 2015, as well as Country Style Cooking's strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: uncertainties regarding our ability to open and profitably operate new restaurants and manage our growth effectively and efficiently; risks associated with changing consumer taste and discretionary spending; uncertainties regarding our ability to maintain and enhance the attractiveness of our restaurants and our brand and image; risks related to instances of food-borne illnesses, health epidemics and other outbreaks; uncertainties regarding our ability to respond to competitive pressures; and uncertainties associated with factors typically affecting the consumer food services industry in general. Further information regarding these and other risks is included in the Company's reports filed with, or furnished to the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of this press release, and Country Style Cooking undertakes no duty to update such information, except as required under applicable law.
Contact:
Country Style Cooking Restaurant Chain Co., Ltd.
Phone: +86-23-8866-8866
Email: [email protected]
ICR Inc.
Bill Zima
Phone: +86-10-6583-7511 or +1-646-328-2520
E-mail: [email protected]
SOURCE Country Style Cooking Restaurant Chain Co.,Ltd.