DUBLIN, Ohio — Net income for Wendy's International Inc. was down 32 percent for the second quarter ended June 29, 2008, while U.S. same-store sales were up slightly.
U.S. same-store sales were up 1.2 percent, a slight increase over the same period last year. Revenue for the quarter was down slightly at $631.9 million, compared with revenue of $632.9 for the same period last year. Year-to-date revenue was $1.214 billion, also down slightly, compared to $1.223 billion this time last year.
Net income was down for the quarter, with income of $19.9 million compared to $29.2 million last year, primarily due to higher grain and fuel costs. Commodity costs overall were about $11 million higher than the previous year, according to a news release. Other factors included an increase of $4.7 million in breakfast investments. Last year's $4.5 million insurance settlement from Hurricane Katrina also impacted 2007 profits.
Net income for the year to date was down slightly compared to last year, with $24 million to date compared to $42.9 the same time last year.
Because of the impending merger with Triarc, Wendy's will not be holding a conference call to discuss second-quarter results nor will it provide detailed earnings guidance or a commondity outlook for the remainder of 2008.
