Arby's parent, Triarc, posts $1m 1st-Q loss

Nation's Restaurant News,  May 27, 2002  

Tags: Arby's

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NEW YORK--Triarc Cos. Inc., franchisor of the 3,351-unit Arby's chain, reported a net loss of $1 million for the first quarter ended March 31, vs. earnings of $8.2 million for the year-ago period. The company said that excluding depreciation and amortization, a litigation settlement payment and unusual and nonrecurring credit, its adjusted cash earnings were $100,000, vs. $6.2 million in the year-ago period.

Triarc, which recently submitted a bid to acquire 239-unit Arby's operator Sybra Inc. from its parent company, ICH Corp., reported that revenue was down 24 percent, to $27.9 million, vs. $36.7 million in the prior-year period.

Sales of Arby's Market Fresh premium sandwich line helped same-store sales of the Arby's system rise 4 percent vs. the year-ago period, the company said.

Eighteen new Arby's units opened during the first quarter as 23 other locations closed, Triarc said, adding that it has commitments from franchisees to build about 600 new units.

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