Wendy's Q3 Sales Down 4.4%, Same-Restaurant Sales Fall 4.7% Amid QSR Wars.

Wendy's Q3 results showed net sales down 4.4%, with same-restaurant sales falling 4.7%. Interim CEO/CFO Ken Cook noted a "urgency" to return to growth, citing higher labor costs and weaker foot traffic. Goldman analysts pointed to Placer.ai location data showing sharp foot traffic deterioration since mid-summer and a collapse this fall. Bloomberg data also showed rapid deceleration in sales and average transaction value growth, as well as a decline in web traffic growth.