2025-05-29-Bernstein-温蒂汉堡（WEN）_温蒂汉堡_伯恩斯坦投资者日会议要点_10页_188kb

报告摘要

Wendy's is focused on growth through three main strategies: menu innovation, operational excellence, and unit expansion.
Management aims to unlock valuation upside by executing on strategic priorities, including a shift in capital allocation to growth.
The company emphasizes customer experience and broadening international operations.

Unit Expansion: Plan to open approximately 1,000 net new restaurants globally by 2028, with 70% from international markets. Anticipated unit growth of 2-3% in the near term, ramping to 3-4% in the long term.
Menu Innovation: Products tailored to younger generations, like Oreo and Pop Tart Frosty, Takis Chicken, and Netflix-themed items. Focus on chicken as a major growth vector, with new innovations expected to increase check sizes and margins.
Value Platform: Leverage the Biggie Bag for everyday value without short-term promotions. Plans to elevate value this summer with iconic items to drive traffic, maintain franchisee profitability.
Operational Excellence: Build-to-suit program investing ~$70 million in 2025 to expand in prime real estate, aiming for double-digit ROI through higher royalty rates.

Upside Risks: More resilient same-store sales excluding breakfast, faster unit growth than expected, weakening consumer environment in the U.S. (potentially positive).
Downside Risks: Unexpected further weakening of consumer environment in the U.S. or large international markets, increasing competition hurting traffic, further multiple contractions.

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