WEN (Post-Call) Turns Out Wendy’s Targets for 2020 Aren’t Frozen Either

Please note that this report is best read in conjunction with the report we published yesterday, “WEN (Pre-Call): Q3 Same-Store Sales a Little Frosty.” (One correction we’d like to make about that report: our Q3E same-store sales forecast for Wendy’s was actually +1.0%, not +1.5% — we had actually lowered our forecast to +1.0% in our October 4th report “WEN: Our Data-Driven Checks Regarding September Sales Suggest…” Note that this does not change the Kalinowski Forecast track record over Q2 2011-Q3 2018 of being within 100 basis points of the same-store sales number Wendy’s reports 70.0% of the time, and being within 200 basis points of the samestore sales number Wendy’s reports 96.7% of the time.)

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