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Popeye's Cuts Same-Store Sales Growth, Lowers 2016 Expected Store Openings By Half

Popeyes Louisiana Kitchen Inc PLKI 2.7% shares are down 2.5 percent after hours on Tuesday. The restaurant chain reported Q2 EPS of $0.47, inline with expectations. Sales were $61.7 million versus estimates for $63.40 million.

Total system-wide sales increased by 6.5 percent. Global same-store sales increased 0.7 percent. Total domestic same-store sales were flat. International same-store sales increased 6.4 percent.

Popeye's lowered FY 2016 system-wide same-store sales growth from a range of 2-3 percent down to 1-2 percent.

Company operated store openings was lowered from three to five down to only two.

The company reiterated FY 2016 EPS guidance of $2.10 to $2.15 compared to estimates for $2.10.

Shares of Popeye's closed Tuesday's regular session up $1.54 or 2.70 percent to close at $58.48.

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