Wendy’s system-wide sales rose 4.8% globally in Q3 2023. Credit: Batu Gezer on Unsplash.

The Wendy’s Company has reported a net income of $58m for the third quarter of 2023, an increase of 14.8% compared to $50.5m a year earlier.

For the quarter ended 1 October 2023, the company’s revenues were $550.6m, up 3.4% from $532.6m in the previous year.

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The company attributed the rise in revenues to higher sales at company-operated restaurants, an increase in franchise royalty revenue and an increase in advertising funds revenue.

Operating profit for the quarter was $101.6m, an increase of 3.6% from $98.1m in the corresponding period of 2022.

Wendy’s system-wide sales rose 4.8% globally, 3.6% in the US and 13.6% in international markets during the third quarter of 2023.

Global system-wide sales increased from $3.41bn in Q3 2022 to $3.58bn in Q3 2023.

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Same-restaurant sales grew by 2.8% globally, by 2.2% in the US and by 7.8% in international markets.

Adjusted EBITDA [earnings before interest, taxes, depreciation, and amortisation] for Q3 2023 was $139.2m against $134.5m recorded in the same period of the previous year.

The Wendy’s Company president and CEO Todd Penegor stated: “Global same-restaurant sales accelerated on a two-year basis and digital sales grew 30% versus the prior year, driving another quarter of company-operated restaurant margin expansion.

“Additionally, we have now opened 152 new restaurants across the globe this year and further solidified our development pipeline through significant new agreements in key growth markets. This success drives best-in-class franchisee satisfaction and alignment.

“We remain relentlessly focused on delivering meaningful global growth, supported by compelling restaurant economic model improvement and acceleration across our strategic pillars.”