Wendy's/Arby's Reports Loss for Third Quarter
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.
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."