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Ark Restaurants Corp. latest news:
Taco Bell to add 300 urban locations by 2022
Taco Bell, the Yum Brands Inc. Mexican chain, plans to add 300 restaurants in urban areas by 2022. New York is seen as the quick-service brand's largest market opportunity, the company said, with about 50 planned for the city's five boroughs. Five restaurants will be complete by early 2018. Four of them will be Cantina locations, which serve alcohol, and one will be an "Urban In-line" location that does not. In addition to New York, Chicago, Detroit and Boston are among the areas of focus. About 20 of the locations will be in Chicago, with eight Cantinas planned by the end of 2018. Both Cantina and In-line locations have opened nationwide since 2015. Taco Bell plans to grow to about 9,000 global locations in the next five years from more than 7,000 currently, and it plans to create about 100,000 new jobs. Yum Brands shares are up 19.6% for the year so far while the S&P 500 index is up nearly 12% for the period.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Wendy's shares rise after earnings beat
Wendy's Co. shares rose 2.8% in Wednesday premarket trading after the fast-food chain's second-quarter earnings and revenue beat expectations. Wendy's reported a net loss of $1.8 million, or one cent per share, after net income of $26.5 million, or 10 cents per share, for the same period last year. Wendy's attributed the decline to a series of restaurant transactions. Adjusted EPS was 15 cents, ahead of the 13-cent FactSet consensus. Revenue was $320.3 million, down from $382.7 million last year but ahead of the $301.0 million FactSet consensus. The revenue decrease was due to 251 fewer company-owned restaurants year-over-year, the company said. North American same-restaurant sales increased 3.2%. Wendy's expects 2017 same-restaurant sales to increase 2% to 3% and adjusted EPS of 45 cents to 47 cents. The FactSet EPS consensus is 46 cents. Wendy's shares are up 12.6% for the year so far, outpacing the S&P 500 index , which is up 10.6% for the period.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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