Wendy's down after Q3 global same-store sales miss
Updates
** Shares of restaurant chain Wendy's WEN.O reverse premarket gains to fall as much as 7% to $18.88
** Stock set for worst day since May 2022, if losses hold
** Posts Q3 global same-store sales increase of 0.2% globally, far below analysts' estimates of 1.56%
** Consumer demand for fast food has remained under pressure in a competitive environment where burger giants such as McDonald's and Burger King are offering meals for as low as $5 to attract customers
** WEN narrows 2024 adjusted EPS forecast between $0.99 to $1.01 from previous $0.98 to $1.02 range
** Expects about 3% rise in global systemwide sales - which includes both co-operated and franchise restaurants, vs. previous range of 3% to 5%
** Posts Q3 total revenue of $566.7 mln vs analysts' estimates of $560.4 mln - data compiled by LSEG
** Up to Wednesday's close, stock has risen 4.3% YTD
Reporting by Neil J Kanatt in Bengaluru
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