DUBLIN, OHIO — Results from the Right Price, Right Size menu helped deliver a profitable first quarter for the Wendy’s Co., despite adverse weather conditions and a negative calendar impact from New Year and Easter holiday shifts.
For the first quarter of fiscal 2013, ended March 31, net income was $2,133,000, equal to 1c per share on the common stock, compared with $14,734,000, or 3c per share, during the prior-year period, which included an $18 million after-tax net gain on the sale of an investment. Sales rose to $530,673,000 from $519,929,000 during the same quarter a year ago.
The chain accelerated its brand transformation efforts during the quarter with the introduction of packaging that features the new logo. Wendy’s has opened 86 new and reimaged restaurants since its image activation program began and expects to reimage half of its company-operated restaurants by the end of 2015.“We have also seen a solid consumer response to the April introduction of our new Flatbread Grilled Chicken sandwiches, although the price-value component of our business continues to represent a challenge,” said Emil Brolick, president and chief executive officer.