Wendy’s Backs 2022 Guidance and Postpones Investor Day After Trian Floats Deal

By Will Feuer

Wendy’s Co. reaffirmed its 2022 sales and profit forecast and postponed its investor a day after its largest shareholder, Trian Fund Management LP, said earlier this week it was exploring a potential deal for the foodservice restaurant fast.

The company reiterated its outlook for system-wide sales growth of 6% to 8% this year. Wendy’s also said it still expects adjusted earnings of 82 to 86 cents per share for the year.

“Our strong momentum, the successful execution of our strategic initiatives and the improvement in the margin of the restaurants operated by the company at the end of the first quarter give us the confidence to reaffirm this outlook for the year 2022,” said general manager Todd Penegor.

The company has also postponed its Virtual Investor Day to an unannounced later date. It was scheduled for June 9.

The news comes after Trian, which owns around 19% of Wendy’s, said in a securities filing on Tuesday evening that it had informed the fast food chain’s board that it planned to explore a potential deal. , alone or with third parties, to enhance shareholder value .

Wendy’s said its board would carefully consider any proposal from Trian, led by billionaire founders Nelson Peltz, Peter May and Ed Garden. Mr. Peltz is the Chairman of Wendy’s Board of Directors and Mr. May is the Senior Vice President. Matthew Peltz is Vice President.

Write to Will Feuer at [email protected]

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