Wednesday May 6, 2020, 00:00:00

WEN (Post-Call) U.S. Same-Store Sales Recovering More Quickly than Expected

By Mark Kalinowski

Earlier today, Wendy’s (WEN; Buy, $20.07) reported Q1 adjusted EPS of $0.09, ahead of our $0.07 forecast, and in line with sell-side consensus (according to Consensus Metrix) of $0.09. First-quarter adjusted EBITDA of $89.3 million matched consensus.

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Thursday March 26, 2020, 00:00:00

WEN Updating Our Same-Store Sales and EPS Estimates for 2020E & 2021E

By Mark Kalinowski

We lower our U.S. same-store sales estimates for Wendy’s (WEN; Buy) as follows:
Q1E 2020: down by -4.8 percentage points to +0.2%
Q2E 2020: down by -22 percentage points to -15.0%
Q3E 2020: down by -11.5 percentage points to -5.0%
Q4E 2020: down by -7 percentage points to 0.0%
Full-year 2020E: down by -6.4 percentage points to -5.0%
Full-year 2021E: up by +5 percentage points to +8%

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Wednesday February 26, 2020, 00:00:00

WEN (Post-Call) Good Sales Momentum as Official Breakfast Launch Approaches

By Mark Kalinowski

Earlier today, Wendy’s (WEN; Buy, $22.49) reported Q4 2019 adjusted EPS of $0.08. Although this was short of our $0.10 forecast, it did match sell-side consensus (according to Consensus Metrix) of $0.08.

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