US fastfood chain Wendy’s International has reported an 8.9% rise in third-quarter earnings, boosted by strong growth in revenue.
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The company posted net income of US$66.3m, or 58 cents a share, for the quarter to 28 September, compared to $60.9m, or 52 cents a share, a year earlier. The year-ago result included a gain of two cents a share from the sale of Tim Hortons’ cup manufacturing business, reported Dow Jones Newswires.
Revenue rose 12% to $806.5m, while same-store sales rose 0.5% at US company-owned restaurants and 0.9% at franchised restaurants.
Wendy’s said the latest results included a gain of 3.5 cents a share related to the Canadian exchange rate.
At the company’s Tim Hortons stores, same-store sales rose 5.5% in Canada and 6.8% in the US.
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By GlobalDataWendy’s also said it expects ground-beef costs to rise 4-6% next year and is reviewing whether or not to raise menu prices.
