Wendy's ends Q4 and fiscal year on high note
February 28, 2014
by Meat&Poultry staff
DUBLIN, Ohio – The Wendy's Company reported for the full year ended Dec. 29, 2013, its net income of $45.5 million increased more than six times compared to $7.1 million last year; full-year diluted earnings per share of $0.11 increased more than five times compared to $0.02 last year; and full-year adjusted earnings per share of $0.30 increased 76 percent compared to $0.17 last year.
Wendy’s recently announced the rollout of its ciabatta bacon cheeseburger. Served on a ciabatta bun the new burger features Mediterranean ingredients like rosemary garlic aioli, roasted tomatoes, mixed greens, applewood smoked bacon and Asiago cheese. Offered for a limited time the suggested retail price is $4.79.
Fourth-quarter net income totaled $33.1 million, an increase of 25 percent compared to $26.4 million last year; fourth-quarter diluted earnings per share of $0.08 increased 14 percent compared to $0.07 last year; and fourth-quarter adjusted earnings per share of $0.11 increased 22 percent compared to $0.09 last year.
The company made continued strategic and financial progress in 2013, said Emil Brolick, president and CEO.
"During the past year, we accelerated the Wendy's brand transformation with image activation, enhanced our company-operated restaurant portfolio through system optimization and introduced several successful new products while building our product pipeline," he added. "These efforts resulted in 2013 North America Company-operated same-restaurant sales growth of 1.9 percent and record average annual sales of $1.51 million at North America company-operated restaurants. Most importantly, the progress we've made with our various initiatives has positioned the Wendy's brand for further growth in 2014, as we expect to nearly double the pace of our Image activation reimages, continue introducing innovative products and complete our system optimization initiative."
The company expects to complete its system optimization initiative during the first quarter.
It expects to complete the sale of approximately 415 restaurants by the end of the first quarter and anticipates total proceeds of approximately $235 million, including $138 million received in 2013. As part of its system optimization initiative, the company sold 244 restaurants in 2013 and has sold, or has signed purchase agreements or letters of intent to sell, a total of 174 additional restaurants.