Fast food restaurant chain, Wendy’s seen in Tokyo, Japan.

Budrul Chukrut | SOPA Images | LightRocket via Getty Images

Wendy’s on Wednesday reported that its U.S. same-store sales are rebounding after plunging in March and the first half of April.

Shares of the company rose 5% in premarket trading.

Here’s what the company reported for the quarter ended March 29:

  • Earnings per share: 9 cents, adjusted
  • Revenue: $405 million

The burger chain reported fiscal first-quarter net income of $14.44 million, or 6 cents per share, down from $31.89 million, or 14 cents per share, a year earlier.

Excluding items, Wendy’s earned 9 cents per share.

Net sales fell 1% to $405 million.

Wall Street anticipated earnings per share of 10 cents on revenue of $414.4 million, based on a survey of analysts by Refinitiv. However, it’s difficult to compare reported earnings to analyst estimates for Wendy’s quarter, as the coronavirus pandemic continues to hit global economies and makes earnings impact difficult to assess.

The company cut its quarterly dividend from 12 cents to 5 cents and has identified $30 million in potential cost savings from its general and administrative expenses and capital plan. Wendy’s said it has $365 million in cash on hand, as of May 3.

Read the full earnings report here.

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