Wendy's-Arby's Group Inc. says it lost $1.4 million in the first quarter and lowered expectations for 2011 earnings, citing the rising cost of beef.
The fast-food giant also says it plans to raise prices but didn't give details. Nor did the company provide any details the future of Arby's, which the company wants to sell.
The net loss, which equated to break-even per share, was short of expectations for 2 cents per share. The company lost $3.4 million a year ago.
Revenue rose about 1 percent to $848 million, beating analysts' expectations of $820 million.
The company says it expects adjusted earnings of $330 million to $340 million in 2011, down from previous predictions of $345 million to $355 million.
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