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Wendy's sales miss estimates, shares fall

Thursday, 7 Nov 2013 | 8:12 AM ET

Nov 7 (Reuters) - Wendy's Co, the second-largest U.S. hamburger chain, reported lower-than-expected quarterly revenue, sending its shares down 9 percent in premarket trading.

The company's third-quarter revenue rose about 1 percent to $640.8 million but missed the average analyst estimate of $643.4 million, according to Thomson Reuters I/B/E/S.

Wendy's has been revamping its image with a new logo, restaurant renovations and a new 'Right Price, Right Size Menu'.

Net loss attributable to Wendy's narrowed to $1.9 million, or breakeven on a per share basis, from a loss of $26.2 million or 7 cents per share, a year earlier.

On an adjusted basis, the company earned 8 cents per share, beating the average analyst estimate of 6 cents per share.

Wendy's, known for its thick frosty milkshakes and square hamburger patties, has more than 6,500 franchise and company-operated restaurants worldwide.

Dublin, Ohio-based Wendy's shares closed at $9.09 on Wednesday on the Nasdaq.

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