Business
The Wendy's Company Reports Third Quarter 2020 Results
DUBLIN, Ohio, Nov. 4, 2020 /PRNewswire/ -- The Wendy's Company (Nasdaq: WEN) today reported unaudited results for the third quarter ended September 27, 2020.
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[{"type":"text","content":"DUBLIN, Ohio, Nov. 4, 2020 /PRNewswire/ -- The Wendy's Company (Nasdaq: WEN) today reported unaudited results for the third quarter ended September 27, 2020.\n\n \n \n \n \n \n \n\n \n\"In the third quarter we posted our highest Global same-restaurant sales growth performance in over 15 years on top of outsized growth in the prior year.\" President and Chief Executive Officer Todd Penegor said. \"In addition to these very strong sales, our restaurant economic model continues to strengthen, with Company-operated restaurant margin expansion compared to the prior year, despite significant commodity headwinds. We remain focused on our goal of delivering efficient, accelerated growth behind our three major long-term growth pillars: building our breakfast daypart, growing our digital business, and expanding our International footprint. With the momentum we have in our business, I am more confident than ever that we will achieve our vision of becoming the world's most thriving and beloved restaurant brand.\"\nThird Quarter 2020 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\nThird Quarter\nYear-to-Date\n2020\n2019\n2020\n2019\nSystemwide Sales Growth(1)\nU.S.\n7.9%\n5.8%\n1.6%\n3.6%\nInternational(2)\n(3.5)%\n4.6%\n(9.3)%\n8.3%\nGlobal \n6.7%\n5.7%\n0.5%\n4.1%\nSame-Restaurant Sales Growth(1)\nU.S.\n7.0%\n4.5%\n0.9%\n2.4%\nInternational(2)\n(2.1)%\n3.3%\n(7.3)%\n3.3%\nGlobal \n6.1%\n4.4%\n—%\n2.5%\nRestaurant Openings\nU.S. - Total / Net\n27 / 12\n24 / 12\n73 / 22\n68 / 15\nInternational - Total / Net\n6 / (4)\n16 / 12\n23 / 4\n43 / 17\nGlobal - Total / Net\n33 / 8\n40 / 24\n96 / 26\n111 / 32\nSystemwide Sales (In US$ Millions)(3)\nU.S.\n$2,692\n$2,495\n$7,436\n$7,316\nInternational(2)\n$291\n$303\n$784\n$877\nGlobal\n$2,983\n$2,798\n$8,220\n$8,193\nGlobal Reimaging Completion Percentage\n62%\n56%\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 Venezuela and Argentina.\n(3) Systemwide sales include sales at both Company-operated and franchise restaurants.\n \nFinancial Highlights\nThird Quarter\nYear...