Wendy's FY 2011 revenues up, eps unchanged

by Meat&Poultry Staff
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DUBLIN, Ohio – The Wendy’s Corporation announced adjusted EBITDA for fiscal 2011 totaled $331.1 million compared to $341.9 million from the year earlier. Adjusted earnings per share was $0.15 compared to $0.17 in 2010. Earnings per share was $0.04 in fiscal 2011 and fiscal 2010. Fiscal 2011 income from continuing operations totaled $17.9 million compared to $18.1 million in 2010. Consolidated revenues totaled $2.431 billion up 2.4 percent compared to $2.375 billion in fiscal 2010.

For the fourth quarter of FY 2011, Wendy’s adjusted EBITDA was $80.9 million, up 10.5 percent compared to fourth-quarter 2010 of $73.2 million. Adjusted earnings per share was $0.04 compared to $0.03 in 4Q 2010. Earnings per share was $0.01 in both the fourth quarter of fiscal 2011 and in the fourth quarter of 2010. Fourth-quarter 2011 income from continuing operations was $4.3 million vs. $6.1 million from the same year-earlier period. North America systemwide same-store sales increased 4.4 percent. Consolidated revenues totaled $615.0 million up 5.6 percent vs. $582.6 million in 4Q 2010.

During the fourth quarter FY 2011, Wendy’s produced its strongest same-store sales growth since the second quarter of 2004 primarily due to the introduction of its premium Dave’s Hot ‘N Juicy cheeseburger line, said Emil Brolick, president and chief executive officer.

“For 2011, we also generated positive transactions for the first year since 2002,” he added. “Adjusted EBITDA1 was $331.1 million for fiscal 2011, and income from continuing operations for the year was $17.9 million. We expect another positive year in 2012, with same-store sales growth in a range of 2 to 3 percent. We estimate 2012 Adjusted EBITDA will be in a range of $335 million to $345 million.”

Wendy’s recent introductions of products such as Dave’s Hot ‘N Juicy cheeseburger line and Asiago Ranch Chicken Club Sandwiches have “been outstanding,” Brolick said.

The company completed the sale of Arby’s Restaurant Group Inc. on July 4, 2011, to a buyer formed by Roark Capital Group. All transition services were complete by the end of fiscal 2011.

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