Wendy's (WEN) boosted unadjusted net profits by over 2000% in its first quarter, driven by the sale of 418 of its company-owned stores. The burger chain sold around 6% of its total restaurant locations to franchisees over the first quarter, a move to generate steady cash flow, cut costs and boost gross margins. Unadjusted net profits soared to $46.3 million, over 22 times just $2.1 million a year earlier. Despite winter weather affecting foot traffic, company-owned restaurant sales were up 1.3%.
Stock quotes in this video: