A Wendy’s food order is prepared at the Rebel Foods Ltd. cloud kitchen in Noida, India, on Friday, March 12, 2021.
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Its bet on breakfast is paying off as Wendy’s reported better-than-expected earnings Wednesday and raised its forecast for the year.
Shares in the fast-food chain were recently down about 2%, as stocks in the broader market slumped. After its earnings were released, the stock had risen more than 5%.
It now expects adjusted earnings of between 72 cents and 74 cents per share, compared with previous estimates of adjusted earnings between 67 cents and 69 cents per share.
The company has spent $3.5 million on advertising to promote its breakfast items. It…