US fastfood chain Wendy’s has reported strong November sales and has raised its 2003 earnings guidance.
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The company said same-store sales at its US Wendy’s company stores rose 9.4%, while those at US Wendy’s franchise stores rose around 8%.
Same-store sales at the company’s Tim Hortons brand stores rose 6.5-6.7% in Canada and 8.8% in the US.
“We are encouraged with the robust sales at our Wendy’s and Tim Hortons restaurants,” said chairman and CEO Jack Schuessler. “It’s rewarding to see that our Wendy’s US same-store sales are now positive on a year-to-date basis.”
As a result of the strong sales and favourable Canadian currency, partially offset by higher beef prices, the company said it had raised its earnings per share guidance for 2003 to a range of US$2.01 to $2.04, which is a 6% to 8% increase over the previous year. The company’s previous EPS guidance for 2003 was in a range of $1.97 to $2.03.
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By GlobalData
