The Wendy’s Co.’s profit rose 138 percent for the 13 weeks ended June 29, despite a 20-percent decline in second-quarter revenue.
During the quarter, net income at the No. 3 burger chain rose to $29 million, or 8 cents a share, from $12.2 million, or 3 cents a share, in the same quarter last year. Revenue fell to $523.4 million, from $650.5 million in the same quarter last year.
Same-store sales rose 3.9 percent at corporate restaurants and 3.1 percent at franchised locations.
This month, the Dublin, Ohio-based operator of 6,545 restaurants in the U.S. and 28 international markets, 1,005 of which are company-owned and 5,540 of which are franchised, said it plans to sell all of its Canadian company-owned units to franchisees.
2Q NET INCOME
Result: $29 million, or 8 cents a share% Increase: 138% (from $12.2 million, or 3 cents per share)
2Q REVENUE
Result: $523.4 million% Decrease: 20% (from $650.5 million)
2Q SAME-STORE SALES
% Increase corporate units: 3.9%
% Increase franchised units: 3.1%
Source: Company report
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