Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from Michael Gallo - C.L. King & Associates, Inc.
Michael Gallo - C.L. King & Associates, Inc.
Your commentary around comps for 2009 was conservatively down 1% to down 3%. I was wondering if you could elaborate at all on what makes you think that's conservative. Is that based on the trends you've seen to date? Are you seeing any improvement in the marketplace? Is it strength of the plan for '09? What gives you confidence that you say conservatively?
Cheryl Bachelder
Well, Mike, if you look at how we closed out the year, both in the fourth quarter and in the total year of '08, we felt at this early stage in the year it was appropriate to be conservative in our guidance as we watch what happens in the marketplace. So our guidance is consistent with the trend we delivered in the 2008 marketplace.
Michael Gallo - C.L. King & Associates, Inc.
Again, I come back to what makes you say conservatively? Have you seen any change in trends to date - I guess we're a couple of months into the first quarter now - from the Q4 trends or are things relatively the same?
Cheryl Bachelder
I think, as you would observe, the intensity of value in the marketplace in QSR is about as intense as it's ever been. We're getting in that fray and we've got good offerings. The one I just talked about that's on air right now, our $4.99 shrimp, is getting good traction. I think it's because it's a very compelling value for seafood, so I'm encouraged by that.
But I do think until we get through the first six months of this year we should be conservative in our sales forecast.
Michael Gallo - C.L. King & Associates, Inc.
To come back to value, obviously you launched three platforms last year to help fill a segment of value that really had been lacking at Popeyes. I was wondering whether you think you need to go a step further in terms of more of a value menu, more products in that dollar range. Obviously, KFC seems to be rolling that out, as are a lot of other players in quick service. Do you think Popeyes ultimately needs a value menu or do you think what you're doing with some of the platforms is sufficient?
Cheryl Bachelder
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