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February 14, 2005
Chain Update: Wendy’s, Brinker and Others
A number of major chain restaurants announced significant financial or operational news.
* For its fiscal fourth quarter ending Jan. 2, Wendy’s International reported total revenue increased by 12.8% to $973 million. Its total revenue for the year increased by 15.3% to $3.6 billion. Excluding one-time items, Wendy’s pro forma earnings per share was $0.44 for the quarter and $2.11 for the year.
* Brinker International reported that blended same-store sales increased by 3% over the previous year for the five-week period ending Feb. 2. Same-store sales at Chili’s grew by 4.4%, at On The Border by 3.2% and at Maggiano’s by 2.2%. Macaroni Grill posted a 3% decline in same-store sales.
* Outback Steakhouse reported restaurant sales for the fourth quarter were $841.1 million, up from $712.9 million a year ago. Net income for the period, however, was $38.7 million, down from $45.3 million from a year ago. The firm attributed the decline in operating results to weaker than anticipated sales for the period, an increase in tomato prices and the carrying costs of the former Chi-Chi’s properties that it is currently developing.
* Bob Evan’s Farms announced its total net sales totaled $381 for the third quarter, which ended Jan. 28. This represents a 31% increase over the previous year’s same period. Net income for the quarter was $6.6 million vs. $15.6 million during the same period last year. The company stated the decline was in part due to lower same-store sales and operating margins from Bob Evan’s restaurants.
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