Wendy's (WEN) Tops Q2 EPS by 2c; Plans Sale of 425 Company-Owned Locations
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Wendy's (NASDAQ: WEN) reported Q2 EPS of $0.08, $0.02 better than the analyst estimate of $0.06. Revenue for the quarter came in at $650.5 million versus the consensus estimate of $655.9 million.
Wendy's North America Company-operated restaurants generated a same-store sales increase of 0.4 percent in the second quarter of 2013. Franchise same-store sales in North America increased 0.3 percent during the quarter.
Company to Optimize Restaurant Portfolio by Selling Approximately 425 Company-Operated Restaurants The Company plans to help optimize its restaurant portfolio by concentrating its ownership geographically and reducing total system ownership from 22 percent to approximately 15 percent with the sale of about 425 Company-operated restaurants to franchise operators. The Company is targeting the end of the second quarter of 2014 for the completion of these transactions.
Wendy's President and Chief Executive Officer Emil Brolick said the system optimization initiative is an important part of the Company's brand transformation – which includes reimaging and developing new restaurants, the new Wendy's logo, updated menu boards, innovative products and bold new packaging.
Wendy's sees FY2013 EPS of $0.20-0.22, versus the consensus of $0.21.
For earnings history and earnings-related data on Wendy's (WEN) click here.
Wendy's North America Company-operated restaurants generated a same-store sales increase of 0.4 percent in the second quarter of 2013. Franchise same-store sales in North America increased 0.3 percent during the quarter.
Company to Optimize Restaurant Portfolio by Selling Approximately 425 Company-Operated Restaurants The Company plans to help optimize its restaurant portfolio by concentrating its ownership geographically and reducing total system ownership from 22 percent to approximately 15 percent with the sale of about 425 Company-operated restaurants to franchise operators. The Company is targeting the end of the second quarter of 2014 for the completion of these transactions.
Wendy's President and Chief Executive Officer Emil Brolick said the system optimization initiative is an important part of the Company's brand transformation – which includes reimaging and developing new restaurants, the new Wendy's logo, updated menu boards, innovative products and bold new packaging.
Wendy's sees FY2013 EPS of $0.20-0.22, versus the consensus of $0.21.
For earnings history and earnings-related data on Wendy's (WEN) click here.
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