UPDATE 4-Wendy's/Arby's Group posts loss, sales miss view

* Q1 EPS ex-items 1 cent vs Wall St view of 2 cents

* Same-store sales at North American Wendy's up 1 pct

* Same-store sales at North American Arby's down 8.7 pct

* Shares fall 7.4 percent (Adds executive comment on Arby's sales trend, updates shares)

By Lisa Baertlein

LOS ANGELES, May 7 (Reuters) - Wendy's/Arby's Group Inc, the third largest U.S. fast-food restaurant operator, posted a quarterly net loss on charges on Thursday, and shares fell 7.4 percent after sales missed expectations.

First-quarter sales at established North American restaurants rose 1 percent at Wendy's and fell 8.7 percent at Arby's.

Restaurants that report rising same-store sales are becoming increasingly rare as consumers spend carefully in a recession that has sent unemployment to a 25-year high,

In their latest quarters, McDonald's U.S. same-restaurant sales were up 4.7 percent and Burger King's North American same-store sales climbed 1.6 percent.