Fast food chain Wendy’s has reported a fourth quarter 2004 loss of US$135.7 million. Much of the loss was caused by problems at its Baja Fresh subsidiary, where it had to close 15 underperforming restaurants.
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In the same period in 2003 the company made a profit of $64.7 million.
For 2004 as a whole, net income was $57.8 million, compared with $236 million in 2003. Total revenue for the year was up 15.3% to a record $3.6 billion.
During the year the company and its franchisees opened a total of 550 new restaurants during the year. The openings consisted of 285 Wendy’s, 224 Tim Hortons, 40 Baja Fresh and 1 Café Express.
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By GlobalData
