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

By Mark Kalinowski Published on March 26, 2020 at 12:00 AM

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%

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

By Mark Kalinowski Published on February 26, 2020 at 12:00 AM

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.

WEN A Closer Look at Wendy’s Latest Test Menu Item

By Mark Kalinowski Published on January 27, 2020 at 12:00 AM

We recently sampled Wendy’s (WEN; Buy) PBC (Plant-Based Chicken sandwich), that was tested in some (but not all) restaurants in the Orlando market in very late December and early-to-mid January. We maintain our Buy rating on WEN, and briefly note some of our observations: