Fast-food restaurant chain Wendy’s has reported a 3.2 per cent increase in systemwide sales for the fourth quarter, versus the 4.8 and 6.9 per cent improvements in the third and second quarters.

Sales growth in the last quarter was also underwhelming compared to that of FY22’s fourth quarter, which was up 8.4 per cent.

However, the company still enjoyed a 6.1 per cent overall increase in systemwide sales for FY23, which stood at $14 billion. Full-year sales in the US were up 5.1 per cent to $12.28 billion, while international sales rose 14.1 per cent to $1.8 billion.

The chain also marked its 13th consecutive year of global same-restaurant sales growth thanks to a 4.3 per cent increase in FY23.

Total revenues were up 4.1 per cent to $2.1 billion while adjusted EBITDA surged 7.7 per cent to $535 million.

Wendy’s opened 248 new restaurants during the year, including 97 in the US. The brand and its franchisees currently operate more than 7000 locations worldwide

“The Wendy’s system delivered strong sales, profit, and cash flow growth in 2023, all supported by progress on our strategic growth pillars,” said president and CEO Kirk Tanner.

“I am excited to begin this next chapter for Wendy’s with new plans and investments to accelerate our global growth, deliver significant restaurant margin expansion, and drive long-term shareholder value.”

For FY24, the company expects global systemwide sales growth of 5 to 6 percent and adjusted EBITDA of $535 to $545 million