The Wendy's Company (NASDAQ:WEN) Q2 2023 Earnings Conference Call August 9, 2023 8:30 AM ET

Company Participants

Kelsey Freed - Director of Investor Relations

Todd Penegor - President and Chief Executive Officer

Gunther Plosch - Chief Financial Officer

Conference Call Participants

Brian Bittner - Oppenheimer & Company

Joshua Long - Stephens, Inc.

Brian Harbour - Morgan Stanley

Andrew Charles - TD Cowen

Dennis Geiger - UBS

Alexander Slagle - Jefferies

Jeffrey Bernstein - Barclays

Danilo Gargiulo - Bernstein

Patrick Johnson - Stifel

Jeff Farmer - Gordon Haier

Gregory Francfort - Guggenheim Securities

Fred Wightman - Wolfe Research

Sara Senatore - Bank of America

Brian Mullan - Piper Sandler

James Sanderson - Northcoast Research

Jake Bartlett - Truist Securities

Peter Saleh - BTIG

Operator

Good morning. Welcome to The Wendy's Company Earnings Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] Thank you.

Kelsey Freed, Director of Investor Relations, you may begin your conference.

Kelsey Freed

Thank you, and good morning, everyone. Today's conference call and webcast includes a PowerPoint presentation which is available on our Investor Relations website irwendys.com. Before we begin, please take note of the Safe Harbor statement that appears at the end of our earnings release.

This disclosure reminds investors that certain information we may discuss today is forward-looking. Various factors could affect our results and cause those results to differ materially from the projections set forth in our forward-looking statements.

Also, some of today's comments will reference non-GAAP financial measures. Investors should refer to our reconciliations of non-GAAP financial measures to the most directly comparable GAAP measure at the end of this presentation or in our earnings release. On our conference call today, our President and Chief Executive Officer, Todd Penegor, will give a business update, and our Chief Financial Officer, Gunther Plosch, will review our 2023 second quarter results and provide an update on our outlook for the year. From there, we will open up the line for questions.

And with that, I will hand things over to Todd.

Todd Penegor

Thanks, Kelsey, and good morning, everyone. In the second quarter, we continued to deliver meaningful sales and profit growth alongside sustained progress against our strategic growth pillars.

Our global same-restaurant sales grew 5.1% on a one-year basis and 8.8% on a two year basis, in line with our strong expectations for the quarter. This was driven in part by our international business, which achieved another outstanding quarter with same-restaurant sales growth of 7.2% and two-year growth of 22.4%.