Wendy's Raises Guidance - TheStreet

Wendy's Raises Guidance

Restaurant chain says November same-store sales were strong.
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Wendy's International

(WEN) - Get Report

on Wednesday raised its guidance for 2003 profits because of strong same-store sales in November.

The Dublin, Ohio-based company now expects 2003 earnings in a range of $2.01 to $2.04 a share, up from its previous forecast of $1.97 to $2.03 a share. That's 6% to 8% higher than the $1.89 a share it earned in 2002 and analysts' consensus forecast of $2.01 a share, according to Thomson First Call.

In November, same-store sales grew 9.4% at Wendy's company-owned restaurants and 7.8% to 8.1% at its franchise restaurants. Same-store sales at the Tim Hortons chain increased 8.8% in the U.S. and 6.5% to 6.7% in Canada.

The company's fourth quarter and full-year earnings are due out Jan. 30, 2004.

Recently, shares were up 30 cents, or 0.8%, to $39.99 in premarket trading.