Wendy's International Inc. (WEN) Fall 90 Percent
A leaner Wendy's International Inc. said on Friday that its earnings fell nearly 90 percent in the fourth quarter following the spinoff of its Tim Hortons coffee-and-doughnut chain. Its shares sank more than 3 percent.
The third-largest hamburger chain earned $3 million, or three cents per share, for the quarter ended Dec. 31 compared with profits of $30 million, or 25 cents per share, a year ago.
Revenue fell 1 percent to $596.4 million in the quarter from $602.9 million a year ago.
Wendy's completed the spinoff of Tim Hortons in September and sold its Baja Fresh Mexican Grill chain in November as it returns its focus to its core business. The company also has been trying to cut costs by $100 million, including cutting jobs at its corporate offices in this Columbus suburb.
The third-largest hamburger chain earned $3 million, or three cents per share, for the quarter ended Dec. 31 compared with profits of $30 million, or 25 cents per share, a year ago.
Revenue fell 1 percent to $596.4 million in the quarter from $602.9 million a year ago.
Wendy's completed the spinoff of Tim Hortons in September and sold its Baja Fresh Mexican Grill chain in November as it returns its focus to its core business. The company also has been trying to cut costs by $100 million, including cutting jobs at its corporate offices in this Columbus suburb.
Labels: WEN, Wendy's International Inc.
posted by Stock Administrator @ 3:51 PM
0 Comments:
Post a Comment
<< Home