US fastfood company Wendy’s International has posted increased quarterly earnings at both its Wendy’s hamburger chain and Tom Hortons coffee shop chain.
Wendy’s, which operates the third-largest US hamburger restaurant chain, posted fourth-quarter net income of US$50.7m, up 8.9% compared to the fourth quarter of the previous year.
Same-store sales at its Wendy’s US company restaurants grew 1% in the quarter and 3% at Wendy’s US franchised restaurants.
The company said that for the full year 2002, net income grew 13% to a record $219m, while diluted earnings per share rose 14.5% to $1.89.
The company and its franchisees opened 586 new restaurants systemwide during the year, including 321 Wendy’s hamburger restaurants.