Triarc Companies, Inc., a holding company and the franchisor of the Arby's® restaurant system, announced a net loss of $67.5 million, compared with net income of $7.1 million in the first quarter of 2007.
The company also experienced a loss of 73 cents a share compared with earnings of 7 cents a share a year earlier.
The loss resulted from a loss on the company's investment in Deerfield & Co. Triarc recently sold its stake in the company.
Triarc first-quarter sales jumped to $281.6 million from $266.5 million in 2007.
System wide same-store sales increased 0.4 percent.
With approximately 3,700 restaurants primarily in the United States, Triarc operates the largest restaurant chain specializing in the roast beef sandwich segment of the quick service restaurant ("QSR") industry in the United States. According to Nation's Restaurant News, Arby's is the 12th largest QSR chain overall.
In April, Triarc announced its plans to acquire Dublin, Ohio-based burger chain Wendy's International Inc. for $2.3 billion.
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