Industry News | August 3, 2000

Wendy's, Tim Hortons Report Strong Sales Momentum

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Wendy's International, Inc. (NYSE:WEN) announced July 10 continued strong sales growth in its core businesses.

At Wendy's(R) U.S. company restaurants, same-store sales grew by 2.4% in June, on top of 9.5% a year ago. Same-store sales for the second quarter (three-month period ended July 2), were up 2.8%, on top of an 8.3% increase a year ago. Same-store sales were up 3.2% year to date.

At Tim Hortons(R) restaurants in Canada, same-store sales grew by 9.7% in June, on top of an increase of 11.5% a year ago. Same-store sales were up 8.7% for the second quarter and 9.3% year to date.

"Sales volumes and new unit development at Wendy's are on plan for the quarter and the year," said Jack Schuessler, chief executive officer and president. "At Tim Hortons, sales volumes continue to run above plan and new unit development is on track. We are especially pleased with the outstanding performance at Tim Hortons, which continues to produce superior results and contribute a greater portion of our revenue and earnings growth."

The company remains confident of its goal to grow annual base earnings per share (excluding asset gains) by at least 12% to 15%. Base EPS was $1.26 in 1999. The company plans to publish second quarter results on August 1.