(WKBN) – As Burger King sets to close hundreds of restaurants, with some in the Valley, competitor Wendy’s has an optimistic look at the future of the franchise.
Wendy’s is expected to release its first-quarter earnings on Wednesday and expectations are high. Citing 2022 results, Wendy’s President and CEO Todd Penegor said they are moving forward into 2023 with accelerated breakfast sales and cited the opening of over 276 restaurants worldwide with 139 in the U.S., “despite a difficult operating environment.”
Wendy’s struggled last year with labor costs and customer declines but revenue was up due to franchise royalties and the takeover of 93 franchise-operated restaurants in Florida. It’s not all a picnic though because taxes were up, too, for the company which impacted its net income.
“We anticipate our significant business momentum and the sound execution of our key priorities will deliver a new gear of efficient, accelerated growth for the next several years. I am confident that Wendy’s best days are yet to come, and we will continue to make meaningful progress toward achieving our vision of becoming the world’s most thriving and beloved restaurant brand,” Penegor said.
Burger King’s owner Joshua Kobza, of Restaurant Brands International, said hundreds of Burger King locations are closed every year. He said the company is focusing on working with smaller franchisees and established operators to build or develop existing restaurants.
Two local stores have closed in the Valley. The Burger King on East Market Street and the one on Elm Road due to a bankruptcy filing by owners TOMS King.