Wendy's 2010 Annual Report Download - page 48

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(Wendy’s/Arby’s Restaurants)
2010 2009 2008
Amount Change Amount Change Amount
Revenues:
Sales ....................................... $3,045.3 $(153.0) $3,198.3 $1,536.0 $1,662.3
Franchise revenues ............................ 371.1 (11.4) 382.5 222.0 160.5
3,416.4 (164.4) 3,580.8 1,758.0 1,822.8
Costs and expenses:
Cost of sales ................................. 2,610.8 (117.6) 2,728.4 1,312.9 1,415.5
General and administrative ...................... 408.4 (34.3) 442.7 229.5 213.2
Depreciation and amortization ................... 180.3 (8.2) 188.5 103.5 85.0
Goodwill impairment .......................... — — — (460.1) 460.1
Impairment of long-lived assets .................. 69.4 (10.6) 80.0 70.4 9.6
Facilities relocation and restructuring .............. — (8.0) 8.0 4.8 3.2
Other operating expense, net .................... 5.2 2.0 3.2 2.5 0.7
3,274.1 (176.7) 3,450.8 1,263.5 2,187.3
Operating profit (loss) ..................... 142.3 12.3 130.0 494.5 (364.5)
Interest expense .................................. (136.2) (10.8) (125.4) (58.5) (66.9)
Loss on early extinguishment of debt .................. (26.2) (26.2) — — —
Other income (expense), net ......................... 2.7 5.7 (3.0) (6.2) 3.2
(Loss) income before income taxes ............ (17.4) (19.0) 1.6 429.8 (428.2)
Benefit from income taxes .......................... 14.8 6.8 8.0 (55.1) 63.1
Net (loss) income ......................... $ (2.6) $ (12.2) $ 9.6 $ 374.7 $ (365.1)
Sales: 2010 2009 2008
Wendy’s (a) ................................ $1,980.6 $2,035.2 $ 504.7
Arby’s .................................... 966.2 1,064.1 1,131.4
Bakery and kids’ meal promotion items sold to
franchisees ............................... 98.5 99.0 26.2
Total sales ............................. $3,045.3 $3,198.3 $1,662.3
Cost of sales:
%of
Sales
%of
Sales
%of
Sales
Wendy’s (a)
Food and paper ......................... $ 638.8 32.2% $ 654.1 32.2% $ 175.6 34.8%
Restaurant labor ........................ 590.0 29.8% 615.2 30.2% 152.7 30.2%
Occupancy, advertising, and other operating
costs ................................ 458.6 23.2% 462.2 22.7% 117.4 23.3%
Total Wendy’s cost of sales ............ 1,687.4 85.2% 1,731.5 85.1% 445.7 88.3%
Arby’s
Food and paper ......................... 265.1 27.4% 290.6 27.3% 322.8 28.5%
Restaurant labor ........................ 317.7 32.9% 332.8 31.3% 339.6 30.0%
Occupancy, advertising, and other operating
costs ................................ 271.0 28.1% 293.0 27.5% 287.3 25.4%
Total Arby’s cost of sales .............. 853.8 88.4% 916.4 86.1% 949.7 83.9%
Bakery and kids’ meal promotion items sold to
franchisees ............................... 69.6 n/m 80.5 n/m 20.1 n/m
Total cost of sales .................... $2,610.8 85.7% $2,728.4 85.3% $1,415.5 85.2%
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