WEN Adjusting Estimates, and Dreaming of Ghirardelli Chocolate Sauce

By Mark Kalinowski Published on January 25, 2019 at 12:00 AM

Based on our data-driven checks regarding Wendy’s (WEN; Neutral) and the burger sector regarding December, we bump up our Q4E same-store sales forecast for Wendy’s North America by +50 basis points to +0.5%. While we still believe Wendy’s had a rough go of it in November (our Wendy’s checks for November 2018 were the worst of any month since those we did for February 2012), December appeared to be a meaningful bounce-back month sequentially — better than we expected. Our Q4E EPS estimate remains at $0.15.

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