American quick service restaurant chain Wendy‘s has reported total revenues of $411m for the second quarter (Q2) ending 2 July, compared to $320.34m for the same period last year.
The increase in adjusted revenues was driven by positive same-restaurant sales from company-operated and franchise-operated restaurants. The quick service restaurant also reported a net income of $29.87m and operating profit of $71.48m.
The increase in net income and operating profit resulted primarily from the system optimisation losses related to the buying and selling of 140 restaurants from its former top franchisee DavCo last year. Prior year reorganisation and realignment costs also related to the company’s G&A savings initiative.
Wendy’s president and chief executive officer Todd Penegor said: “We have now recorded 22 consecutive quarters of positive same-restaurant sales, a streak that continues to be unmatched in the QSR hamburger category.
“On the strength of our balanced marketing approach and focus to profitably grow our restaurants we delivered a strong, sequentially improving second quarter restaurant margin.
“Our resilient business model continues to deliver consistent growth and we remain on track to achieve our 2018 financial guidance targets. Our relentless focus on executing every element of The Wendy’s Way by providing food our customers love, friendly service, value, and an inviting atmosphere will continue to drive growth in the future.”
The quick service restaurant chain also reported adjusted EBITDA of $109.5m for the second quarter, compared to $107.9m for the same period last year.
Wendy’s has opened 36 restaurants globally during the second quarter, an increase of 23 net new units.
By the end of 2020, the company aims to achieve global systemwide sales of $12bn and a global restaurant count of 7,250.