Wendy's annual net income slips, consolidated revenue up
Jan. 16, 2013
DUBLIN, Ohio – The Wendy's Company reported preliminary full-year 2012 net income from continuing operations was $4.0 million before non-controlling interests in 2012, which compares to net income from continuing operations of $17.9 million in 2011. Fourth-quarter 2012 net income from continuing operations was $21.4 million, compared to net income from continuing operations of $4.3 million in the fourth quarter of 2011.
Consolidated revenues for the year totaled $2.505 billion, up 3.0 percent compared to $2.431 billion in 2011. Fourth-quarter consolidated revenues were $629.9 million, up 2.4 percent compared to $615.0 million in the fourth quarter of 2011.
“We are pleased with progress we made in 2012, as our brand transformation accelerated with Image Activation and our 'A Cut Above' brand positioning gained traction with consumers," said Emil Brolick, president and chief executive officer. "Our 2012 North America same-store sales growth of 1.6 percent and record-high average annual restaurant sales of $1.48 million are evidence that our growth initiatives are beginning to work.
“While our fourth-quarter same-store sales were slightly negative, they increased 4.9 percent on a two-year basis as we rolled over the successful introduction of Dave's Hot 'n Juicy cheeseburgers a year ago,” he added.
"As we look to 2013, we are optimistic about our product pipeline and marketing plans," Brolick continued "We are also very encouraged by the continued success of our Image Activation initiative, which is transforming our brand in the eyes of consumers by contemporizing the Wendy's restaurant experience.”
As of Dec. 30, 2012, the company's total number of worldwide restaurants was 6,560, including 6,186 restaurants in North America and 374 restaurants outside of North America.