Wendy's 2011 Annual Report Download - page 43
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(Wendy’s Restaurants)
2011 2010 2009
Amount Change Amount Change Amount
Revenues:
Sales ......................................... $2,126.6 $ 47.5 $2,079.1 $ (55.1) $2,134.2
Franchise revenues .............................. 304.8 8.5 296.3 (6.6) 302.9
2,431.4 56.0 2,375.4 (61.7) 2,437.1
Costs and expenses:
Cost of sales ................................... 1,816.1 59.1 1,757.0 (55.1) 1,812.1
General and administrative ....................... 281.6 (21.7) 303.3 (39.8) 343.1
Depreciation and amortization ..................... 122.4 (2.6) 125.0 (7.3) 132.3
Impairment of long-lived assets .................... 12.9 (13.4) 26.3 2.9 23.4
Transaction related and other costs ................. 44.5 44.5 — — —
Merger restructuring ............................ — — — (8.1) 8.1
Other operating expense, net ...................... 4.0 0.6 3.4 0.9 2.5
2,281.5 66.5 2,215.0 (106.5) 2,321.5
Operating profit ............................ 149.9 (10.5) 160.4 44.8 115.6
Interest expense .................................... (113.2) 4.2 (117.4) (11.9) (105.5)
Loss on early extinguishment of debt .................... — 26.2 (26.2) (26.2) —
Other income (expense), net .......................... 0.9 (0.4) 1.3 5.9 (4.6)
Income from continuing operations before income
taxes ....................................... 37.6 19.5 18.1 12.6 5.5
(Provision for) benefit from income taxes ................. (16.7) (18.4) 1.7 (4.3) 6.0
Income from continuing operations ................. 20.9 1.1 19.8 8.3 11.5
Net loss from discontinued operations ................... (8.0) 14.4 (22.4) (20.5) (1.9)
Net income (loss) ........................... $ 12.9 $ 15.5 $ (2.6) $ (12.2) $ 9.6
2011 2010 2009
Sales:
Wendy’s .................................... $2,050.1 $1,980.6 $2,035.2
Bakery and kids’ meal promotion items sold to
franchisees (a) .............................. 76.5 98.5 99.0
Total sales ............................... $2,126.6 $2,079.1 $2,134.2
%of
Sales
%of
Sales
%of
Sales
Cost of sales:
Wendy’s ....................................
Food and paper ........................... $ 679.5 33.1% $ 638.8 32.2% $ 654.1 32.2%
Restaurant labor .......................... 613.2 29.9% 590.0 29.8% 615.2 30.2%
Occupancy, advertising and other operating
costs .................................. 470.6 23.0% 458.6 23.2% 462.2 22.7%
Total cost of sales ...................... 1,763.3 86.0% 1,687.4 85.2% 1,731.5 85.1%
Bakery and kids’ meal promotion items sold to
franchisees ................................. 52.8 n/m 69.6 n/m 80.6 n/m
Total cost of sales ...................... $1,816.1 85.4% $1,757.0 84.5% $1,812.1 84.9%
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