Daily Newsletter

03 November 2023

Daily Newsletter

03 November 2023

Wendy’s net income rises 15% to $58m in Q3 2023

The company’s revenues rose by 3.4% to $550.6m from $532.6m in 2022.

Umesh Ellichipuram November 03 2023

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.

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.

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.”

Customer engagement drives metaverse investment in the foodservice sector

COVID-19 and supply chain disruptions following the Ukraine war have accelerated automation and digitalization in the foodservice sector. Home delivery services and consumer engagement through digital channels have become essential for businesses trying to stay afloat. Foodservice companies must also cope with ESG issues, the fast-changing world of work, and the global economy heading for recession and possible stagflation. The metaverse, enabled by both AR and VR, is an important tool that can help address many of the foodservice industry's key challenges.

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