Industry News | March 9, 2000
Wendy's Announces Strong Growth
Same-store sales at Wendy's U.S. company restaurants were up 4.1% in February, an improvement compared to 1.6% in January when severe weather negatively impacted traffic, particularly on the East Coast.
"Our performance this year is impressive on top of outstanding growth a year ago when Wendy's same-store sales increased 8.7% in January and 12.4% in February," said Jack Schuessler, president and chief operating officer of Wendy's U.S. Operations. "Our Wendy's business in the U.S. and Canada is very healthy. We continue to focus on our multi-tiered strategy to build sales and profits consistently year after year. At the same time, we are enhancing Wendy's brand position across multiple dimensions ranging from highest quality food to quickest service and friendliest employees."
Tim Hortons same-store sales in Canada increased 9.1% in February, on top of 9.4% growth a year ago.
"We continue to expand sales with increased customer traffic," said Paul House, president and chief operating officer of Tim Hortons. "Great coffee, fresh baked goods, new products, effective marketing and growth in all day parts are driving the sales gains."
Management is pleased with its progress on strategic initiatives to grow sales and profits at Wendy's and Tim Hortons while improving returns. The implementation of Wendy's "Service Excellence" program is on track in North America and is expected to be implemented across the system by mid year.
The Company continues to repurchase common shares during the first quarter and several directors and executive officers purchased stock during the past 20 days, including Wendy's Senior Chairman and Founder Dave Thomas and Tim Hortons Senior Chairman and Co-Founder Ron Joyce.
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