Wendy's International Inc. on Wednesday said third-quarter same-store sales — or sales at stores open at least one year — fell 5 percent at its flagship chain, as high gas prices curbed consumer spending and hurricanes shuttered restaurants.
The hamburger chain operator also said the effects of the recent storms and higher beef prices will hurt third-quarter profits.
Wendy's shares slipped $1.12, or 2.4 percent, to $45.60 in premarket activity. The stock has traded in a 52-week range of $31.74 and $53.62 and closed Tuesday at $46.72.
Same-store sales slipped between 5.5 percent and 5.7 percent at Wendy's U.S. franchised restaurants, compared to positive results a year ago. The company's Baja Fresh Mexican Grill chain posted a same-store sales decline of 4.1 percent.
Source – AP