US fastfood group Wendy’s International has reported lower same-store sales for its US Wendy’s restaurants in October, hit by increased competition and discounting.
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Wendy’s US company-owned same-store sales fell 5.8%, while those at Wendy’s US franchise outlets slid 5.1-5.4%. October sales at Wendy’s company and franchised restaurants were adversely affected by increased competition and discounting in the quick-service restaurant sector, the company said.
Meanwhile, the company’s Tim Hortons chain posted October same-store sales growth of 6.1-6.4% in Canada and 9.0% in the US.
“We are encouraged by the strong sales momentum at Tim Hortons in both the United States and Canada,” said chairman and CEO Jack Schuessler.
“At Wendy’s we remain focused on excellent restaurant operations and expect our sales performance to improve,” he added.
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By GlobalDataThe company reiterated its 2004 earnings per share growth goal of $2.19 to $2.25, a 7% to 10% increase over its 2003 earnings of $2.05 per share.
