USA | The Wendy's Company has reported unaudited results for the second quarter, which ended June 30, 2024.
Global fast-food chain The Wendy's Company has released the unaudited financial results of its US-based operations for Q2 2024.
"Our restaurants across the globe continued to deliver same-restaurant sales growth, holding steady with the QSR burger category in the second quarter," President and Chief Executive Officer Kirk Tanner said.
"Our industry-leading quality, exciting innovation, and compelling value will remain in focus as we continue to execute our customer-first approach and drive the restaurant economic model throughout the rest of the year and beyond."
The increase in revenues resulted primarily from an increase in advertising funds revenue and an increase in franchise royalty revenue, both driven by net new restaurant development and higher same-restaurant sales.
The decrease in U.S. Company-operated restaurant margin was primarily the result of higher labour costs and customer count declines. These were partially offset by a higher average check. The decrease in general and administrative expenses was primarily driven by a decrease in incentive compensation accruals and lower outside professional services driven by lapping costs associated with the implementation of the Company's human capital management system in the prior year. These were partially offset by an increase in employee compensation and benefits.
The Wendy's Company also announced the declaration of its regular quarterly cash dividend of 25 cents per share. The dividend is payable on September 17, 2024, to shareholders of record as of September 3, 2024. The number of common shares outstanding as of July 25, 2024 was approximately USD 203.2 million.
The Wendy's Company repurchased 1.6 million shares for USD 27.3 million in the second quarter of 2024. In the third quarter of 2024, the Company has repurchased 0.9 million shares for USD 15.6 million through July 25. As of July 25, approximately USD 260.0 million remains available under the Company's existing share repurchase authorization that expires in February 2027.
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