May 10 (Reuters) - 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