Wendy's/Arby's Group narrows loss in quarter
May 13, 2010
ATLANTA — Decreased revenue at Arby’s contributed to a loss for the Wendy’s/Arby’s Group during the first quarter.
For the quarter ended April 4, the company suffered a loss of $3,400,000, which compared with a loss of $10,924,000 during the same quarter of the previous year. The company had revenue of $837,447,000, which was down 3% from $863,984,000 during the same quarter of the previous year.
“At Wendy’s, we are very pleased with our overall progress,” said Roland Smith, president and chief executive officer. “We are making significant improvements in restaurant operations and customer service, our product development pipeline is strong, and we are connecting with customers though improved marketing.”
Total revenue for Wendy’s during the quarter was $584.7 million, up from $578.2 million during the same quarter of the previous year.
“Since I assumed the role of interim president for Arby’s in late January, we have implemented a turnaround plan to begin re-energizing the brand,” Mr. Smith said. “While we are not pleased with our first-quarter results, we made progress on establishing a value strategy, increased national media, improved advertising and initiated a significant remodeling program.”
Revenue for Arby’s during the quarter was $252.7 million, down from $285.7 million during the same quarter of the previous year. The decline was mainly due to a drop in same-store sales.