Shares of Wendy’s slipped Tuesday after the company said inclement winter weather hampered sales in the first quarter.
The burger chain’s stock fell as much as 3.5 percent after the closing bell.
Wendy’s said that same-store sales grew 1.6 percent during the quarter, just shy of analysts estimates of 1.8 percent, according to StreetAccount. The company said that without the impact of weather, same-store sales would have been up 2.6 percent in the quarter.
“We are pleased with our continued sales momentum in the first quarter, in the face of adverse impacts from weather,” Todd Penegor, CEO of Wendy’s, said in a statement Tuesday. “We have now recorded 21 consecutive quarters of positive same-restaurant sales in North America, and continue to capitalize on the strength of our balanced marketing approach and awareness around our fresh never frozen beef.”
Wendy’s said net income fell to $20.2 million, or 8 cents per share, from $22.3, or 9 cents per share, in the year-earlier period.
Excluding items, the company earned 11 cents per share, beating analysts’ average estimate of 10 cents, according to Thomson Reuters.
Total revenue climbed 5.4 percent to $381 million, surpassing estimates of $379.5 million.