Shares of burger chain Wendy’s (WEN) rose on Wednesday after the company posted better-than-expected quarterly earnings. Wendy’s said first-quarter net income fell to $27.5 million, or $0.07 a share, from $46.3 million, or $0.12 a share last year. Results still beat analysts’ estimates for earnings of $0.05 a share, according to Thomson Reuters. Revenue declined to about $466.2 million, missing expectations. Wendy’s also announced that it plans to sell its bakery business this month, as well as 640 of its locations to franchisees, up from its prior plan to sell 500 restaurants. The company plans to own only 5% of its stores by mid-2016, as it seeks to cut costs. Wendy’s also reaffirmed its earnings outlook for 2015.
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