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Triarc loss tops $67 million
May 11, 2008
Atlanta — Comparable-store sales at Arby's restaurants operated by Triarc Co. Inc. rose 0.4 percent in the 2009 first quarter ended March 30, the company has announced.
Revenues for the quarter rose slightly to $302.9 million compared with revenues of $302 million in the 2007 first quarter. The company posted a loss of $67.5 million for the quarter compared with net income of $7.1 million in the 2007 first quarter.
The loss stemmed primarily from a $68.1 million loss on the company's sale of its stake in Deerfield & Company LLC, an asset management business.
For the remainder of 2008, Triarc anticipates an increase in revenues from the opening of approximately 40 new company-owned restaurants, lower gross margin compared with 2007 primarily as a result of higher costs, and lower general and administrative expenses as a result of the completion of a corporate restructuring and the sale of the asset management business.
Triarc expects to close on its acquisition of Wendy's in the 2008 second quarter.
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