News Summary: Wendy's profit hit by refinancing

AP News
|
Posted: Aug 09, 2012 9:09 AM
News Summary: Wendy's profit hit by refinancing

THE NEWS: The Wendy's Co. posted a loss in the second quarter as a result of debt refinancing. But a key sales figure rose as the company worked to reinvent itself as a higher-end hamburger chain.

THE BACKGROUND: The Dublin, Ohio-based chain has been on a mission to revive its business since CEO Emil Brolick was hired last September. The chain says sales at restaurants open at least 15 months rose 3.2 percent during the quarter, helped by remodeled locations and new menu items.

THE BIG PICTURE: Wendy's stood by its outlook for the year and said it's on track to remodel 50 locations this year, with plans to remodel "significantly more" locations in coming years.