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Wendy’s Takes a Loss

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Wendy’s International announced preliminary, unaudited financial results for 2004 and the fourth quarter ended January 2, 2005.

The Company’s 2004 income and earnings per share results detailed below include a previously announced goodwill write-down. The results are preliminary as they exclude a correction in lease accounting.

Total revenues increased 15.3% to a record $3.6 billion. The Company and its franchisees opened a total of 550 new restaurants during the year. The openings consisted of 285 Wendy’s, 224 Tim Hortons, 40 Baja Fresh and 1 Cafe Express.

Same-store sales were very strong at Tim Hortons. Wendy’s produced positive same-store sales for the 17th consecutive year. Same-store sales declined at Baja Fresh.

According to a Forbes article,

“Wendy’s reported a loss of $1.20 per share for the quarter that ended Jan. 2, compared with earnings of $64.7 million, or 56 cents per share, a year ago. Sales rose 13 percent to $972.7 million from $862.4 million.

Wendy’s said in November that it expected to report a loss for the fourth quarter as it reduces the value of the Baja Fresh Mexican Grill chain and said it would close 20 of the restaurants.

It also took a charge for the quarter while it appeals a $5.1 million verdict in a lawsuit that accused it of interfering in the sale of some Florida restaurants.”

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Wendy’s Takes a Loss
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