The Wendy's Company (NASDAQ:WEN) Q3 2023 Earnings Conference Call November 2, 2023 8:30 AM ET

Company Participants

Kelsey Freed - Director, Investor Relations

Todd Penegor - President & Chief Executive Officer

Gunther Plosch - Chief Financial Officer

Conference Call Participants

David Palmer - Evercore ISI

Jeffrey Bernstein - Barclays

Danilo Gargiulo - Bernstein

Andrew Charles - TD Cowen

Gregory Francfort - Guggenheim

Dennis Geiger - UBS

Jon Tower - Citi

Sara Senatore - Bank of America

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 third 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. We continued to make meaningful progress across our strategic growth pillars during the third quarter, which drove continued sales and profit growth.

Our global same-restaurant sales grew 2.8% on a one-year basis, and our two-year result of 9.7% represents an acceleration of almost 100 basis points versus the third quarter.

Our international business delivered same-restaurant sales growth of 7.8% and achieved an incredible 10th consecutive quarter of double-digit same-restaurant sales growth on a two-year basis, reaching 18.6%. We continue to see strong results across our key international growth markets with many achieving double-digit one-year same-restaurant sales growth during the quarter.