DUBLIN, Ohio (AP) — Wendy's, which is pushing ahead with a transformation effort, says that its fiscal fourth-quarter net income grew more than six-fold partly because of a larger tax benefit.
The Dublin, Ohio company's reinvention comes at a time when people are increasingly eating at fast-casual chains such as Panera Bread Co., which offers food that's perceived to be higher quality for slightly higher prices.
For the period ended Dec. 30, Wendy's Co. earned $26.4 million, or 7 cents per share. That's up sharply from $4 million, or 1 cent per share, a year ago. Analysts expected 8 cents per share.
Revenue increased 2 percent to $629.9 million. Analysts expected revenue of $630 million.
Wendy's reaffirmed its 2013 forecast for adjusted earnings between 18 cents and 20 cents per share. Wall Street predicts 18 cents per share.