Business
The Wendy's Company Reports Second Quarter 2021 Results
DUBLIN, Ohio, Aug. 11, 2021 /PRNewswire/ -- The Wendy's Company (Nasdaq: WEN) today reported unaudited results for the second quarter ended July 4, 2021. "We
About this update from Wendy's Company (the)
[{"type":"text","content":"DUBLIN, Ohio, Aug. 11, 2021 /PRNewswire/ -- The Wendy's Company (Nasdaq: WEN) today reported unaudited results for the second quarter ended July 4, 2021.\n\n \n \n \n \n \n \n\n \n\"We are thrilled to once again increase our 2021 financial outlook across all key financial metrics, driven by a transformative quarter that showcased our continued momentum and the overall strength of our business,\" President and Chief Executive Officer Todd Penegor said. \"Our robust growth continued in the second quarter, as sales significantly exceeded our expectations, leading to restaurant level margins of more than 20 percent and record profits, fueling our restaurant economic model. We are also excited to meaningfully increase our 2025 Global restaurant target to 8,500 to 9,000, driven by a development commitment with REEF Kitchens, a new build to suit development fund, and incremental commitments through our latest new restaurant incentive program. Our business momentum, strong partnership and health of our franchisees, and the dedication of our restaurant crew and support center teams reaffirms our confidence that we will achieve our vision of becoming the world's most thriving and beloved restaurant brand.\"\nSecond Quarter 2021 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\nSecond Quarter\nYear-to-Date\n2021\n2020\n2021\n2020\nSystemwide Sales Growth(1)\nU.S.\n20.6%\n(4.0)%\n16.9%\n(1.6)%\nInternational(2)\n48.2%\n(24.5)%\n25.6%\n(12.4)%\nGlobal \n22.9%\n(6.2)%\n17.7%\n(2.7)%\nSame-Restaurant Sales Growth(1)\nU.S.\n16.1%\n(4.4)%\n14.9%\n(2.3)%\nInternational(2)\n31.4%\n(18.4)%\n19.0%\n(10.1)%\nGlobal\n17.4%\n(5.8)%\n15.2%\n(3.1)%\nSystemwide Sales (In US$ Millions)(3)\nU.S.\n$2,897\n$2,403\n$5,545\n$4,744\nInternational(2)\n$354\n$220\n$657\n$493\nGlobal\n$3,251\n$2,624\n$6,202\n$5,237\nRestaurant Openings\nU.S. - Total / Net\n22 / 10\n19 / 1\n42 / 14\n46 / 10\nInternational - Total / Net\n21 / 18\n3 / 0\n39 / 24\n17 / 8\nGlobal - Total / Net\n43 / 28\n22 / 1\n81 / 38\n63 / 18\nGlobal Reimaging Completion Percentage\n68%\n61%\n(1) Systemwide sales growth and same-restaurant sales growth are calculated on a constant currency basis and inclu...