U.S. burger chain Wendy’s reported higher-than-expected quarterly sales at established restaurants as it attracted more diners with its value meals.
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However, the company’s net income fell to $28.9 million, or 11 cents per share, for the fourth quarter ended Jan. 1 from $85.9 million, or 31 cents per share, a year earlier.
Revenue fell 33 percent to $309.9 million, mainly due to fewer company-owned restaurants in the quarter.
Analysts on average had expected an adjusted profit of 8 cents per share and revenue of $308.5 million, according to Thomson Reuters I/B/E/S.
Same-store sales rose 0.8 percent, beating the 0.6 percent rise analysts polled by Consensus Metrix had expected.
(Reporting by Abhijith Ganapavaram in Bengaluru; Editing by Anil D’Silva)
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