News Summary: Wendy's 4Q adj. profit tops Street
NEW YORK (AP) — MIXED RESULTS: Wendy's reported fourth-quarter earnings that topped Wall Street estimates but a 2 percent rise in revenue came up short of expectations. It reaffirmed its earnings guidance for fiscal 2013.
KEY FIGURE: The hamburger chain said Wednesday that revenue at company-run North American restaurants open at least 15 months and remodeled restaurants reopened at least three straight months slipped 0.2 percent. The figure for franchised restaurants fell 0.6 percent.
WHERE'S THE BEEF?: Earlier this month Wendy's announced that it was switching to a "Right Price Right Size" value menu that includes items ranging from 99 cents to $1.99. The menu replaced its 99-cent value menu. The revamped menu is intended to give budget-minded diners more options, while giving Wendy's more flexibility on pricing.
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