The Wendy’s Company has released its financial report for the second quarter of 2019, showing financial growth on the same period last year.
The world’s third-largest quick-service hamburger company, which has 6,500 restaurants worldwide, saw total revenues rise by 5.9% like for like with 2018, rising from $411m to $435.3m.
Operating profit grew from $71.5m in 2018 to $80.6m this year, a 12.7% increase while net income was at $32.4m, a rise of 8.4% from $29.9m the year before.
President and CEO, Toff Penegor, commented on the results: “We delivered another quarter of strong earnings growth and are pleased with our continued progress to build an even stronger foundation for the Wendy’s brand.”
Adding: “We are executing on our plan to accelerate same-restaurant sales in North America and drive global restaurant expansion, fueled by a healthy restaurant economic model. Our relentless focus on bringing every element of The Wendy’s Way to life by providing food our customers love, friendly service, value, and an inviting atmosphere will continue to drive growth in the future.”
Operationally, systemwide sales growth was up in North America from 2.7% to 3% but down internationally from 12.8% to 10.4%.
As part of the release, Wendy’s explained the increase in revenues and adjusted revenues was primarily driven by higher sales at company-operated restaurants and an increase in franchise royalty revenue.
Higher sales at company-operated restaurants was the result of an increase in the number of restaurants in operation and positive same-restaurant sales.