Wendys Co (NASDAQ:WEN) stock was down on Wednesday after the company released its earnings report for the second quarter of 2016.
Wendy’s same-store sales for North America increased by only 0.4% from the same time last year. This missed the roughly 2% increase in same-store sales that analysts were expecting from the fast-food company this quarter. It now expects same-store sales for North America to increase between 1% and 2% for the full year of 2016.
WEN reported revenue of $382.7 million during the second quarter of 2016. This is down from the $489.5 million that it reported during the same time last year. Wall Street was expecting the company to report revenue of $367.6 million for the quarter.
Wendy’s earnings per share for the second quarter of 2016 was 10 cents. This is an increase over the 8 cents per share that the company reported in the second quarter of 2015. It also came in one penny above what analysts were expecting from the company this quarter.
The company also noted that it’s on track to reduce the number of company-operated restaurants to 5% by the end of 2016. This will have it selling 315 restaurants to franchisees by the end of the year.
Wendy’s increased its outlook for the year in its earnings report for the second quarter of 2016. The company is now expecting earning per share to be between 39 cents and 40 cents for 2016. It’s previous guidance had earnings per share ranging from 38 cents to 40 cents for the year. Wall Street is expecting the company to report earnings per share of 39 cents for 2016.
WEN stock was down 5% when markets opened on Wednesday and is still down by 1% as of Noon Wednesday.
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