COLUMBUS (WCMH) — Wendy’s might be dealing with a beef shortage and sales declines driven by COVID-19, but there are reasons for the company to be optimistic.
“I believe we have put ourselves in a position to be fast out of the gate when customers return to some kind of new normal and that we will be a stronger brand on the other side,” CEO Todd Penegor said on a Wednesday morning conference call with stock analysts.
One reason for Penegor’s optimism: Wendy’s nascent breakfast menu is performing well. The morning menu launched one week before COVID-19 mitigation efforts became widespread. Same restaurant sales rose 15 percent in that first week of March.
Now two months into the launch, breakfast is accounting for eight percent of company sales, which was the company’s goal for the year. It’s also profitable despite the lower overall sales numbers.