Wendy's/Arby's Group (WEN) reported a net loss of $900,000 for the third quarter, compared with a profit of $14.7 million for the third quarter of 2009.

Revenues at the fast-food company dropped to $861.2 million for the quarter, compared with $903.2 million a year earlier, the company said in a statement. Sales at stores open at least one year fell 1.7% in North America.

Wendy's / Arby's also incurred after-tax special charges of $20.7 million in the third quarter of 2010.

"These third quarter results are simply not satisfactory," CEO Roland Smith said. "We will not be satisfied until we are driving consistent and positive same-store sales."

The company said it will spend an extra $170 million on share repurchase, taking the total available for repurchases to $250 million. Wendy's / Arby's will also up its quarterly cash dividend by 33%.

Smith said that same store sales will improve in the fourth quarter, but that "market conditions remain challenging."




Increase your money and finance knowledge from home

Basics Of The Stock Market

Stock Market 101 - everything you need to know but were afraid to ask!

View Course »

Introduction to Economic Indicators

Measure the performance of the economy.

View Course »

Add a Comment

*0 / 3000 Character Maximum