After reporting negative same store sales at its restaurants for several months, Wendy’s International (NYSE: WEN) reported positive results for US stores in August.
Wendy’s company owned stores increased comps 0.4% while franchised stores increased 1.9-2.2%, including negative impacts from the power outage mid-month.
“We are very pleased with the improving sales trends and positive momentum at Wendy’s. Our operators and franchisees continue to raise the bar on service,” said Chairman and Chief Executive Officer Jack Schuessler.
Tim Hortons preliminary same-store sales increased 3.5% to 3.7% in Canada and 5.1% to 5.3% in the U.S.
The Company reiterated its earnings per share goal of $1.97 to $2.03 for 2003, which is a 4% to 7% increase over the previous year.