Popeye's 2008 Annual Report Download - page 8

6 AFC ENTERPRISES, INC.
To Our Stakeholders
“ We rolled out our Road Map
for the Future as a strategic
framework for strengthening
our franchise business model to
deliver more consistent growth
and stronger shareholder returns.”
1
Cheryl A. Bachelder
Chief Executive Officer, AFC Enterprises, Inc.
President, Popeyes® Louisiana Kitchen
We are building the Popeyes brand to its full potential, aiming
to claim a top spot in the minds and stomachs of a public
hungry for chicken and seafood.
Our veteran and credentialed leadership team came
together in 2008, and we welcomed Richard Lynch as Chief
Marketing Officer and Ralph Bower as Chief Operations
Officer. Collectively, our senior management team has more
than 70 years of hands-on experience within the Quick
Service Restaurant (QSR) industry.
We rolled out our Road Map for the Future as a strategic
framework for strengthening our franchise business model
to deliver more consistent growth and stronger shareholder
returns. While our 2008 domestic same-store sales fell
short of our goals, our international restaurants enjoyed a
good year in both same-store sales and unit growth. We met
our earnings expectations, at $0.76 per diluted share, and
exceeded our guidance on restaurant openings, with
140 new restaurants globally.
The following four pillars of our Road Map are helping
us drive more guest traffic and grow market share in the
intensely competitive QSR market segment.
Building a distinct, relevant brand
Invite the guest, drawing in more people at
more times throughout the day
We have seized the opportunity to capitalize on what makes
Popeyes distinctive: our Louisiana heritage, and our guests’
preference for our food.
We have repositioned Popeyes as a “Louisiana Kitchen,”
where slow cooking—such as marinating chicken for
12 hours—imparts authentic tastes of the region. Our
“Louisiana Fast” theme conveys the paradox of slow-cooked
food, in a quick-service format, designed for consumers’
fast-paced lifestyle.
In 2008, we launched the Bonafide™ brand for our
core bone-in chicken, added three new menu platforms
featuring seven new products, and refreshed our logo for a
more contemporary feel, with new tagline, advertising, and
menu boards.
Our new menu items fill the guests’ ever-changing needs for
value, portability, and lunch choices. Popeyes® Big Easys—
referring both to portion size and New Orleans’ nickname—
deliver a premium sandwich and delicious chicken rice bowl
full of flavor. Louisiana Travelers™ are chicken Nuggets and
Tenders that can be enjoyed on the go, either by hungry
kids or as a quick meal or snack for adults on a busy day.
Popeyes® Big Deals offer a Loaded Chicken Wrap, Delta Mini
sandwich, and Chicken Biscuit at a price point especially
suited to today’s cost-conscious consumer.
Our 2009 promotions, designed to build guest traffic and
increase market share over time, will continue to offer
superior Popeyes food while providing our guests with more
compelling everyday value. Through in-market testing, we
have identified an arsenal of new ways to deliver value in
both national and local market messages.