Operations

Wendy’s Q2 boasts double digit global sales

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August 10, 2022

The Wendy's Company reported its third consecutive quarter of double digit global same-restaurant sales in Q2 that ended July 3.

"We are proud of the entire Wendy's system for delivering a third consecutive quarter of accelerating double digit global same-restaurant sales on a 2-year basis, which exceeded our expectations," President and CEO Todd Penegor said in a press release on the earnings report.

"This momentum contributed to a significant sequential company-operated restaurant margin expansion, highlighting the strength of the underlying business and our brand as well as our commitment to the restaurant economic model in a challenging environment."

Total revenues were $537.8 million in Q2 2022 compared to $493.3 million in Q2 2021. Operating profit was $96.3 million in Q2 2022 compared to $126.7 million in Q2 2021. Net income was $48.2 million in Q2 2022 compared to $65.7 million in Q2 2021. Adjusted EBITDA was $132.9 million in Q2 2022 compared to $131.1M in Q2 2021.

Systemwide sales growth in the U.S. was 3.5% compared to 10.6% in 2021, and its global growth was 5.6%. Same-restaurant sales growth in the U.S. was 2.3% and 3.7% in global growth.

The brand opened 29 stores in the U.S. and 47 on the global front.

The increase in revenues was primarily driven by higher sales at company-operated restaurants driven by the favorable impact of the acquisition of 93 franchise-operated restaurants in Florida during the fourth quarter of 2021, according to the release.

Revenues also benefited from an increase in franchise royalty revenue and advertising funds revenue, both of which increased largely due to higher same-restaurant sales.

During 2022, the company expects: