Wendy’s profit plunges after Hortons spinoff
Wendy’s International Inc. said profit tumbled nearly 90% in the fourth quarter after the spinoff of its Tim Hortons coffee-and-doughnut chain.
The nation’s third-largest hamburger chain reported net income of $3 million, or 3 cents a share, compared with $30 million, or 25 cents, a year earlier. Revenue fell 1% to $596.4 million.
Excluding the effect of its discontinued Tim Hortons and Baja Fresh operations, Wendy’s earned $9.9 million, or 9 cents a share, compared with $26 million, or 22 cents, a year earlier.