Wendy's/Arby's Reports Loss for Third Quarter
Wendy's/Arby's Group (WEN) reported a net loss of $900,000 for the third quarter, compared with a profit of $14.7 million for the third quarter of 2009.
Revenues at the fast-food company dropped to $861.2 million for the quarter, compared with $903.2 million a year earlier, the company said in a statement. Sales at stores open at least one year fell 1.7% in North America.
Wendy's / Arby's also incurred after-tax special charges of $20.7 million in the third quarter of 2010.
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"These third quarter results are simply not satisfactory," CEO Roland Smith said. "We will not be satisfied until we are driving consistent and positive same-store sales."
The company said it will spend an extra $170 million on share repurchase, taking the total available for repurchases to $250 million. Wendy's / Arby's will also up its quarterly cash dividend by 33%.
Smith said that same store sales will improve in the fourth quarter, but that "market conditions remain challenging."
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