Business
THE WENDY'S COMPANY REPORTS FIRST QUARTER 2023 RESULTS
DUBLIN, Ohio, May 10, 2023 /PRNewswire/ -- The Wendy's Company (Nasdaq: WEN) today reported unaudited results for the first quarter ended April 2, 2023. "Our
About this update from Wendy's Company (the)
[{"type":"text","content":"DUBLIN, Ohio, May 10, 2023 /PRNewswire/ -- The Wendy's Company (Nasdaq: WEN) today reported unaudited results for the first quarter ended April 2, 2023.\n\n \n \n \n \n \n \n\n \n\"Our strong first quarter results build on the momentum we created in 2022,\" President and Chief Executive Officer Todd Penegor said. \"We delivered our sixth consecutive quarter of double-digit global same-restaurant sales growth on a two-year basis driven in part by our compelling marketing programs, continued operational improvements, and the significant acceleration of our digital business. Our sales growth contributed to an over 250 basis point year-over-year expansion in U.S. Company-operated restaurant margin. Our successful start to the year and clear alignment behind our strategic pillars give us confidence that we will deliver meaningful global growth for the remainder of 2023 and beyond.\"\nFirst Quarter 2023 Summary\nSee \"Disclosure Regarding Non-GAAP Financial Measures\" and the reconciliation tables that accompany this release for a discussion and reconciliation of certain non-GAAP financial measures included in this release.\nOperational Highlights\nFirst Quarter\n2022\n2023\nSystemwide Sales Growth(1)\nU.S.\n2.4 %\n8.6 %\nInternational(2)\n19.2 %\n21.0 %\nGlobal \n4.2 %\n10.0 %\nSame-Restaurant Sales Growth(1)\nU.S.\n1.1 %\n7.2 %\nInternational(2)\n14.1 %\n13.9 %\nGlobal\n2.4 %\n8.0 %\nSystemwide Sales (In US$ Millions)(3)\nU.S.\n$2,712\n$2,945\nInternational(2)\n$360\n$419\nGlobal\n$3,072\n$3,363\nRestaurant Openings\nU.S. - Total / Net\n45 / 31\n20 / (5)\nInternational - Total / Net\n48 / 36\n19 / 5\nGlobal - Total / Net\n93 / 67\n39 / 0\nGlobal Reimaging Completion Percentage\n74 %\n80 %\n(1) Systemwide sales growth and same-restaurant sales growth are calculated on a constant currency basis and include sales by both Company-operated and franchise restaurants.\n(2) Excludes Argentina.\n(3) Systemwide sales include sales at both Company-operated and franchise restaurants.\n \nFinancial Highlights\nFirst Quarter\n2022\n2023\nB / (W)\n(In Millions Except Per Share Amounts)\n(Unaudited)\nTotal Revenues\n$ 488.6\n$ 528.8\n8.2 %\nAdjusted Revenues(1)\n$ 396.1\n$ 427.4\n7.9 %\nU.S. Company-Operated Restaurant Margin\n12.0 %\n14.7 %\n2.7 %\nGeneral and Administrative Expense\n$ 62.3\n$ 62.3\n— %\nOperating Profit\n$ 74.9\n$ 84.5\n12.8 %\nR...