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Triarc announces Q2 results
August 5, 2008
ATLANTA — Triarc Companies Inc., the parent company of Arby's Restaurant Group Inc. and expectant parent of Wendy's International Inc., has reduced its net loss for the second quarter ended June 29, 2008.
Same-store sales for the quarter were down 3.3 percent systemwide due to a decrease in customer traffic.
Revenues for the quarter were down 1.2 percent, with $313 million this year compared to $316.8 last year. Second-quarter 2007 revenue included $16.8 million in asset management and related fees, which was not included in the 2008 second quarter because Triarc sold its asset management business in December 2007. Year-to-date revenues were also down 5 percent, with $615.9 million in 2008 compared to $618.9 million in 2007.
Triarc posted a net loss of $6.9 million for the quarter, an improvement over a loss of $28 million in the same quarter last year. Year-to-date, the net loss is greater, with a loss of $74.4 million in 2008 compared to $30 million at the same time last year.
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