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Wendy's quarterly profit slumps 12 pct

May 10 U.S. burger chain Wendy's Co reported a 12 percent drop in quarterly profit on Wednesday, hurt by higher labor costs and lower revenue due to fewer company-owned restaurants.

Net income fell to $22.3 million from $25.4 million in the first quarter ended April 2, the company said.

On a per share basis, the company's profit remained unchanged at 9 cents per share due to fewer outstanding shares from a year earlier.

Revenue fell to $285.8 million from $378.8 million a year earlier, mainly because the company sold more restaurants to franchisees.

(Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Martina D'Couto)

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