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Restaurants across the United States have been struggling to staff their outlets adequately amid a tight labor market, which led to a decline in Domino’s Pizza (NYSE:DPZ) Inc and Yum Brands’ Pizza Hut quarterly sales.
Wendy’s has also been facing rising competition from rival fast-food chains including McDonald’s (NYSE:MCD) and Yum Brands, who have doubled down on marketing and launched new menu items to attract more customers.
For Wendy’s, U.S. same-store sales rose 1.1% in the first quarter ended April 3, compared with analysts’ average estimate for a 2.28% increase, according to Refinitiv IBES.
Total revenue rose to $488.6 million from $460.2 million a year earlier, also missing estimates of $496.9 million.
Net income fell to $37.4 million, or 17 cents per share, from $41.4 million, or 18 cents per share.
