Wendy’s wants the world to have more Wendy’s.
The Dublin, Ohio-based fast-food chain on Thursday said it plans to open another 1,000 locations globally over the next three years as part of a strategy to bolster its presence around the globe.
The company made the announcement at the outset of its Investor Day presentation with CEO Kirk Tanner, who has been in the job for a year. Wendy’s was to detail plans on Thursday on its menu, improvements to service in the restaurants and speed unit growth.
Wendy’s said it expects to have between 8,100 and 8,300 restaurants worldwide by 2028 and global system sales of up to $18 billion. The company also reaffirmed its financial outlook for the year, including system sales growth of 2% to 3% and earnings per share of 98 cents to $1.02.
The outlook sent Wendy’s shares higher in early-morning trading on Thursday.
“The Wendy’s brand has tremendous strength, and we will unlock its full potential, scaling our system to match the power of the brand,” Tanner said in a statement. He promised “upcoming innovation and collaborations that will build on our high-quality menu with fresh ingredients.”
“Our relentless pursuit of excellence in our food and our restaurants will position Wendy’s for long-term success as we win across our global markets,” he said.
Ken Cook, Wendy’s chief financial officer, said the company plans to invest in building new restaurants around the globe. He also said that the company will use technology to improve the customer experience and increase restaurant profitability.
Wendy’s has been focused on technology in recent years, along with many other large-scale restaurant chains. The company recently expanded a test of voice-activated AI in the drive-thru, for instance.
“Our objective is to create value for our customers, our franchisees and our shareholders,” Cook said.
Wendy’s unit growth has traditionally been slower than the company has wanted, both in the U.S. and internationally. The company has used incentives in the U.S. to encourage operators to build more units, for instance. Internationally it is well behind key competitors McDonald’s and Burger King, both of which have a substantial presence in other parts of the globe.
Wendy’s said it plans a strategy of investing not only in restaurants in key markets but in “globalizing its supply chain to build stronghold positions to fuel growth.”
Company executives said on Thursday that they have plenty of room for growth domestically, noting that Wendy’s has one restaurant for every 56,000 people. Its largest competitors have one for every 36,000.
Tanner noted that the company has nevertheless either held or grown its market share for the past decade. But, he said, “That’s not enough. We’re hungry.”
UPDATE: This story has been updated to add more information from the Investor Day presentation.
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