Wendy’s new value menu and focus on premium burgers helped its fiscal fourth-quarter net income top Wall Street expectations, the hamburger chain said Thursday.
Results show Wendy’s push to position itself on the higher end of the fast-food pecking order in terms of quality seems to have gained some traction. Wendy’s has also begun revamping restaurants with a modern look with casual seating areas.
Wendy’s net income jumped to $22.4 million for the three months ended Dec. 30. That’s up sharply from $4 million, or 1 cent per share, a year earlier. The current quarter’s results included a tax benefit, lower interest expense and a sharp rise in investment income. Revenue increased to $629.9 million from $615 million.
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