Industry News | November 7, 2002
Wendy’s Reports October Same Store Sales; Revises Guidance
Wendy’s International today reported same-store sales figures for October. Same-store sales increased 2.6% at Wendy's® U.S. company restaurants, and grew about 4.8% at franchised restaurants. Same-store sales increased 7.8% at Tim Hortons® restaurants in Canada and 9.6% at Tim Hortons restaurants in the U.S.
Wendy’s also revised its 2002 EPS guidance which it currently expects to fall between $1.90 and $1.91, representing 15% to 16% growth over $1.65 in 2001. The company's previous goal for 2002 EPS growth was 15% to 18%.
The company expects dilution from Baja Fresh of about $0.015 to $0.02 per share, which is in line with management's guidance. Baja Fresh continues to open new restaurants and the business is profitable. The dilution is from the 6.2% interest on $225 million in senior notes issued earlier this year to acquire the fast-casual, fresh Mexican food chain.
The company also announced the completion of its transaction to invest $12 million in Pasta Pomodoro® for approximately a 25 percent stake in the company. Pasta Pomodora is an fast-casual chain serving fresh Italian foods.
Food & Beverage
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