Wendy's says Yes, too.....
Here is one more example:
Wendy's earnings slip, targets Latin America
DUBLIN, Ohio (Reuters) - Wendy's International Inc. on Wednesday
reported slightly lower first-quarter results as the fast food giant
carried out its plan to close down company-operated stores and
refranchise others in order to boost earnings.
Wendy's also announced at its annual meeting here that it planned to
franchise 24 stores in Colombia over the next three years, bolstering
its Latin American presence, which has been built up in Argentina and
Venezuela.
First-quarter net income slipped to $23.8 million from $24.6 million a
year earlier; revenues declined to $455.6 million from $458.9 million.
Diluted earnings per share were 18 cents, in line with analysts'
consensus estimate but down from 19 cents a year earlier.
"We delivered a very good quarter, especially when you consider the
strong comparisons we faced versus the first quarter of 1997," said
Chairman Gordon Teter. "We stayed on track with our long-term
strategies by focusing on restaurant operations, building on the
strength of the brands, and providing everyday value with superior products."
The company said in a statement that it aimed to boost net income and
diluted earnings per share from operations by 13-15 percent, excluding
gains from the sales of company-owned stores.
Wendy's, announcing its plans for Latin America, said it had promoted
Jim Rieger to the post of senior vice president-international,
responsible for the Asia/Pacific, Latin America/Caribbean and
Europe/Middle East regions.
Rieger led Wendy's entry into Argentina and Venezuela and was named
vice president-international development in 1996. |
