"While a sale remains only one of the alternatives underconsideration, we believe it merits more thorough examination,"says James V. Pickett, Wendy's chairman, in a statement. Managementhas given no timetable for the sale of the business. It has hiredJP Morgan, as lead adviser, and Lehman Brothers as a co-adviser forthe process.
Wendy's executives are also lowering the company'searnings-per-share guidance for the year from $1.26 to $1.32 pershare to between $1.09 and $1.23. The downturn is due tolower-than-expected, same-store sales. During the first quarter,which ended April 1, same-store sales rose 3.8% year over year,while they have only come in at a 0.7% pace in the currentquarter.
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