Posted on 05/11/2023 8:32:41 AM PDT by grimalkin
Wendy's (WEN) is gaining higher-income consumers even while inflation continues to plague the restaurant business.
"The good news is we're seeing nice growth with the over $75,000 cohort, and we continue to hold nice share there," CEO Todd Allan Penegor said on a call with investors after Q1 2023 earnings were announced on Wednesday. The under-$75,000 consumers? The company, he said, has "maintained our share, but traffic is relatively flattish there."
In Q1 U.S. same-store sales increased by 7.2% boosted by "continued" higher prices and year-over-year customer count growth in each month of the quarter. The food chain increased prices for the year by about 7%, higher than about 6% in the previous quarter.
CFO Gunther Plosch said the brand isn't really seeing pushback to the higher prices, saying the "proof is in the pudding." He added: "Remember, pricing, the carryover is about 5%...so, the new pricing action is not a lot and again, I think the proof is in the pudding here. We have not seen major resistance from customers on the pricing actions we have taken, as evidenced by the traffic growth that we have seen in the first quarter and maintaining and holding our dollar and traffic share in the category."
(Excerpt) Read more at finance.yahoo.com ...
Wendy’s Fine Dining
I’ll take the Baconator. Hold the mRNA injection.
Wendy’s found a price point. 2 for 6 on the Dave.
Nobody matches it. Not a bad burger for FF.
Forego the fries and drink btw.
I buy Angus beef burgers at walmart. I get 12 patties and the price is around $1.50 each which is still a lot less then a fast food place.
If you buy buns and toast them and add some lettuce you have a better burger. You can add french dressing and pickles and tomato’s etc. The hamburgers taste better made at home.
I like them plain myself.
#30 I just baked 5lbs of potatoes
You must be Irish : )
There’s is supposedly some of that blood in my past
You’ve (I have) posted a total of 225 threads and 88,888 replies.
Woohoo!!
This will be 88,889!!!
I’m trying to catch Nully
Only about 93,800 to go...
Oh no......I don’t have any hope of catching you!!
With bidenflation, we'll all be millionaires...
You just need some incentive. Beat me and I’ll buy you lunch at Taco Bell...
I’d fly out there but I don’t think I can get a hotel room LOL
Maybe some day!
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