The Wendy’s Co.’s completed refranchising initiative paid dividends in the March 30-ended first quarter, as a $44 million net gain on the sale of company-owned restaurants to franchisees drove much of its $46.3 million net income. The operator or franchisor of more than 6,500 Wendy’s restaurants also leveraged its promotions for the Ciabatta Bacon Cheeseburger and new salads during the quarter to affect same-store sales increases in both corporate and franchised restaurants. Wendy’s plans to double the pace of remodels in its domestic system this year to 410 reimaged units.
1Q NET INCOME
Result: $46.3 million, or 12 cents per share% Increase: 2,104.8% (from $2.1 million, or 1 cent per share)
1Q REVENUE
Result: $523.2 million% Increase: 13.3% (from $603.7 million)
1Q SAME-STORE SALES
% Increase at company-owned units: 1.3%
% Increase at franchised units: 0.6%
Source: Company report
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