Wendy’s plans to close 140 U.S. restaurants before the end of this year on top of the 100 it said it would close in May.
But in a conference call with investors Thursday, the company said those closures will be offset by new restaurant openings. Wendy’s said it plans to open between 250 and 300 restaurants this year.
Wendy’s President and CEO Kirk Tanner said the restaurants that are closing are underperforming compared to others.
Dublin, Ohio-based Wendy’s didn’t provide a list of the locations to be closed. But Tanner said they are spread out all over the country.
Wendy’s had 7,292 restaurants at the end of the third quarter. More than 80% of them are in the U.S.
Amazon reports boost in quarterly profits
Amazon reported a boost in its quarterly profits Thursday and exceeded revenue estimates, sending the company’s stock up in after-hours trading.
For the three months that ended on Sept. 30, the Seattle-based tech giant posted a revenue of $158.9 billion, higher than the $157.28 billion analysts had expected.
Amazon said it earned $15.3 billion, higher than the $12.21 billion industry analysts surveyed by FactSet had anticipated. Amazon earned $9.9 billion during the same period last year. Earnings per share were $1.43, higher than analysts’ expectations of $1.14.
Net sales increased 11% compared with the third quarter of 2023, Amazon said.