Wendy’s International Inc. reported that fourth-quarter earnings increased 28%, helped by new menu items and strong sales.
The third-largest U.S. hamburger chain reported a profit of $64.7 million, or 56 cents a share, compared with $50.7 million, or 44 cents, a year earlier. Sales increased more than 21% to $862.4 million. However, the company’s Baja Fresh Mexican Grill restaurants reported a drop of 5.3% in same-store sales for the quarter.
Wendy’s continued to do well despite a 29% increase in the price of beef, which cut into operating margin.
Wendy’s shares rose 3 cents to $39.73 on the NYSE.