Wendy's on Thursday announced measures to support its franchisees and its own liquidity as the coronavirus pandemic drives down its same-store sales by 20%.
Wendy's same-store sales have plunged 20% in the week ended March 22.Wendy's is also supporting franchisees by deferring royalties and payments to the marketing funds.
The Dublin, Ohio-based company has also withdrawn its 2020 forecast, as well its long-term outlook for 2021 to 2024. The company previously expected to earn between 60 cents and 62 cents per share, on an adjusted basis, in fiscal 2020 on sales in a range of $12 billion to $12.5 billion. Between 2021 to 2014, Wendy's annual global system-wide sales were expected to grow by 4% to 5%.
The burger chain launched its breakfast nationwide on March 2. That week, breakfast sales rose about 15%. Citing the launch's strong early performance, the company intends to stop advertising that is only focused on breakfast and instead support franchisees in other ways. Wendy's was originally planning on spending between $70 million to $80 million in 2020 promoting the breakfast menu.
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