DUBLIN, Ohio/PRNewswire/ — Wendy’s International, Inc. (NYSE: WEN – news) today announced preliminary sales for the month of December, which ended on December 30, 2001.
Same-store sales for the month grew:
6.3% at Wendy’s® U.S. company restaurants, versus 2.6% a year ago.
13.4% at Tim Hortons® restaurants in Canada, versus 7.9% a year ago.
13.6% at Tim Hortons restaurants in the U.S., versus 11.3% a year ago.
“December was a good month for Wendy’s and Tim Hortons, and trends improved throughout the fourth quarter,” said Chairman and Chief Executive Officer Jack Schuessler.
“Same-store sales at Wendy’s improved compared to October (+0.1%) and November (+1.6%). Consumers returned to more normal traffic patterns and we capitalized on mild weather conditions versus a year ago,” added Schuessler. “At Wendy’s we focused on quality products with our Chicken Bacon Swiss sandwich and Bacon Swiss Cheeseburger promotion, the continued rollout of our new Garden Sensations salads, and our Service Excellence® program, rather than price discounting. Tim Hortons continues to produce excellent results in Canada and the U.S. on top of very strong sales a year ago.”
For the fourth quarter, preliminary same-store sales were 2.4% at Wendy’s U.S. company restaurants, 8.0% at Tim Hortons in Canada and 9.9% at Tim Hortons in the U.S.
Management confirmed previous guidance that it expects the Company to produce earnings per share the $1.64 to $1.67 range for the year 2001, which would be an increase of 7% to 9% over a year ago.
The Company is facing certain pressures on profits, including higher costs for beef and insurance, a weakening Canadian dollar, lower than expected interest income due to lower rates, and costs related to the rollout of Garden Sensations.
The Company plans to announce its fourth quarter and 2001 financial results on February 8, 2002, and host a meeting with the investment community at the Sofitel hotel in New York City on February 11, 2002. The meeting will be available as a conference call and web cast. To access the Company’s web casts, go to www.wendys-invest.com .
Wendy’s International, Inc. is one of the world’s largest restaurant operating and franchising companies, with $7.7 billion in 2000 systemwide sales and two quality brands – Wendy’s and Tim Hortons. Wendy’s Old Fashioned Hamburgers® was founded in 1969 by Dave Thomas and is the third largest quick-service hamburger chain in the world with more than 6,000 restaurants in the United States, Canada and international markets. Tim Hortons was founded in 1964 by Tim Horton and Ron Joyce and is the largest coffee and fresh baked goods chain in Canada. There are more than 2,000 Tim Hortons restaurants of which more than 1,900 are in Canada.
SOURCE: Wendy’s International, Inc.