000630 Wendy's Reiterates 12%-15% EPS GoalJune 14, 2000Minneapolis, MN - Wendy's International Inc., the No. 3 U.S. hamburger chain, said it expected to meet sales and profit projections for 2000 by concentrating on providing good food and service. Wendy's expects to produce 12% to 15% annual earnings per share growth in the current fiscal year and projects same-store sales growth of 3.5 to 4% at Wendy's outlets in the United States and 5 to 6% at Tim Hortons, its Canadian coffee and baked goods chain, Jack Schuessler, chief executive and president of Wendy's, told analysts at a U.S. Bancorp Piper Jaffray conference here. Dublin, Ohio-based Wendy's earned 29 cents a share before asset gains in the first quarter on sales of $519.8 million. Schuessler, who took over the top spot at Wendy's in March following the death of Gordon Teter, said an emphasis on increasing worker productivity at the restaurants is helping to offset wage hike pressure. “We continue to implement productivity initiatives,” he said, “and that has helped offset our rising labor costs.” Schuessler said the company could add 3 to 4% a year to its sales through more efficient and courteous service, particularly in drive-through operations. Also expected to propel sales growth are expanded late-night drive-through hours, promotion of “biggie” size portions and marketing that emphasises the quality of Wendy's food, he said. Wendy's, with 5,527 restaurants systemwide, expects to open 520 new stores this year.
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