Wendy's Co (WEN.O) on Wednesday reported a smaller-than-expected rise in third-quarter sales at established restaurants in North America, as hurricanes hit traffic at restaurants in Florida and Texas.
Same-restaurant sales in North America rose 2 per cent. Analysts on average were expecting same-store sales to rise 2.4 per cent, according to research firm Consensus Metrix.
Net income fell to US$14.3 million, or 6 cents per share, from US$48.9 million, or 18 cents per share, in the quarter ended Oct. 1, in part due to higher commodity costs and tax rate.
Revenue fell 15.4 per cent to $308 million, mainly from the company selling 249 restaurants to franchisees.
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