Wendy's North America same-restaurant sales top estimates
FILE PHOTO A Wendy's fast food restaurant is seen in Los Angeles, California U.S. November 7, 2017. REUTERS/Lucy Nicholson/File Photo
REUTERS: U.S. burger chain Wendy's Co on Tuesday topped Wall Street targets for sales at established outlets in North America, led by the popularity of its value-menu offerings.Sales at Wendy's restaurants in North America open at least for a year rose 1.9 percent in the second quarter of 2018. Analysts on average had expected a 1.29 percent increase, according to Thomson Reuters I/B/E/S.
Wendy's, like other fast-food chains, has been offering discounts on limited-time items and beverages as well as freshly prepared meals to attract more diners in a fiercely competitive industry.The burger chain now has a US$1 Double Stack cheeseburger and in January it launched a "4 for US$4" offer as well as discounted Baconator Fries - promotions that have weighed on its profit margins.The company reported second-quarter net income of US$29.9 million, compared with a loss of US$1.9 million a year earlier.Excluding one-time items, Wendy's earned 14 cents per share, missing financial analysts' average estimate of 16 cents, according to Thomson Reuters I/B/E/S.
Overall revenue rose nearly 4 percent to US$411 million, topping analysts' estimates of US$407.7 million.(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Sai Sachin Ravikumar)
Source : https://www.channelnewsasia.com/news/business/wendy-s-north-america-same-restaurant-sales-top-estimates-10598240