Business
THE WENDY'S COMPANY REPORTS SECOND QUARTER 2023 RESULTS
DUBLIN, Ohio, Aug. 9, 2023 /PRNewswire/ -- The Wendy's Company (Nasdaq: WEN) today reported unaudited results for the second quarter ended July 2, 2023. "I am
About this update from Wendy's Company (the)
[{"type":"text","content":"DUBLIN, Ohio, Aug. 9, 2023 /PRNewswire/ -- The Wendy's Company (Nasdaq: WEN) today reported unaudited results for the second quarter ended July 2, 2023.\n\n \n \n \n \n \n \n\n \n\"I am proud of the entire Wendy's® system for delivering another quarter of meaningful sales and profit growth alongside sustained progress against our strategic growth pillars,\" President and Chief Executive Officer Todd Penegor said. \"We continued to drive significant profit expansion, supported by strong same-restaurant sales momentum, resulting in an over 200 basis point year-over-year increase in U.S. Company-operated restaurant margin. During the quarter, our breakfast and late-night dayparts delivered outsized growth and we sustained our digital strength. We also continued to make progress against our development goal with 80 global restaurant openings year to date. With the results we delivered in the first half of the year and the significant runway remaining for each of our strategic growth pillars, I am confident we will deliver our short and long-term outlook, driving meaningful global growth in 2023 and beyond.\"\nSecond Quarter 2023 SummarySee \"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\n2022\n2023\n2022\n2023\nSystemwide Sales Growth(1)\nU.S.\n3.5 %\n6.1 %\n3.0 %\n7.3 %\nInternational(2)\n22.7 %\n12.7 %\n21.1 %\n16.6 %\nGlobal \n5.6 %\n6.9 %\n4.9 %\n8.4 %\nSame-Restaurant Sales Growth(1)\nU.S.\n2.3 %\n4.9 %\n1.7 %\n6.0 %\nInternational(2)\n15.2 %\n7.2 %\n14.7 %\n10.3 %\nGlobal\n3.7 %\n5.1 %\n3.1 %\n6.5 %\nSystemwide Sales (In US$ Millions)(3)\nU.S.\n$3,001\n$3,185\n$5,713\n$6,129\nInternational(2)\n$419\n$461\n$779\n$879\nGlobal\n$3,420\n$3,646\n$6,491\n$7,009\nRestaurant Openings\nU.S. - Total / Net\n29 / 14\n19 / 4\n74 / 45\n39 / (1)\nInternational - Total / Net\n18 / 10\n22 / 16\n66 / 46\n41 / 21\nGlobal - Total / Net\n47 / 24\n41 / 20\n140 / 91\n80 / 20\nGlobal Reimaging Completion Percentage\n75 %\n82 %\n(1) Systemwide sales growth and same-restaurant sales growth are calculated on a constant currency basis and include sales\nby both Company-operated and franchise restaurants.\n(2) Excludes Argentina.\n(3) System...