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FE&SFlashNews — 2004-11-29 — News

November 29, 2004

Chain Update: McDonald's, Wendy's And Others

A number of major chain restaurants have announced significant financial or operational news in recent days.

* McDonald’s has announced that Charles Bell has stepped down from the company’s CEO post, attributing the move to his battle with cancer. Replacing him is Jim Skinner, the firm’s vice chairman. Additionally, Mike Roberts, currently CEO of McDonald’s USA, has been named McDonald’s president and chief operating officer.

* Wendy’s International has announced that will shutter 15 to 18 under-performing Baja Fresh units. The locations of these stores have not been disclosed. As a result of these closures, the company said it will take a charge of $15 million to $17 million. In addition, the firm announced that it will take a non-cash goodwill impairment charge in the fourth quarter of between $175 million and $195 million for its Baja Fresh concept.

* Outback Steakhouse has released its same-store sales results for the four weeks that ended on Nov. 20. System-wide, Outback Steakhouse units reported a same-store sales increase of 0.8% vs. the year-ago period. Company-owned Outback units grew their sales by 0.6% compared to the same period a year earlier, while franchised and joint-ventured units reported a same-store sales increase of 2%. Carrabba’s Italian Grills increased their same-store sales by 4% compared to the same time last year, while the Bonefish Grills concept grew its sales by 1.5%.

* Applebee’s International has reported its same-store sales for the four-week period that ended on Nov. 21. System-wide same-store sales increased by 4.1% compared to the year-ago period. Franchised units grew same-store sales by 4.8%, while company-owned locations’same-store sales were up by 1.9%.

* CRBL Group has released its same-store sales for the four weeks that ended Nov. 26. The company’s Cracker Barrel Old Country Store concept reported same-store sales growth of 3.8% compared to the same period a year ago. The Logan’s Roadhouse concept increased its same-store sales by 3.1%.

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