Wendy's 2011 Annual Report Download - page 6

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• success of operating and marketing initiatives, including advertising and promotional efforts and new
product and concept development by us and our competitors;
• the impact of general economic conditions and high unemployment rates on consumer spending,
particularly in geographic regions that contain a high concentration of Wendy’s restaurants;
• changes in consumer tastes and preferences, and in discretionary consumer spending;
• changes in spending patterns and demographic trends, such as the extent to which consumers eat meals
away from home;
• certain factors affecting our franchisees, including the business and financial viability of franchisees, the
timely payment of such franchisees’ obligations due to us or to national or local advertising organizations,
and the ability of our franchisees to open new restaurants in accordance with their development
commitments, including their ability to finance restaurant development and remodels;
• changes in commodity costs (including beef, chicken and corn), labor, supply, fuel, utilities, distribution
and other operating costs;
• availability, location and terms of sites for restaurant development by us and our franchisees;
• development costs, including real estate and construction costs;
• delays in opening new restaurants or completing remodels of existing restaurants;
• the timing and impact of acquisitions and dispositions of restaurants;
• our ability to successfully integrate acquired restaurant operations;
• anticipated or unanticipated restaurant closures by us and our franchisees;
• our ability to identify, attract and retain potential franchisees with sufficient experience and financial
resources to develop and operate Wendy’s restaurants successfully;
• availability of qualified restaurant personnel to us and to our franchisees, and the ability to retain such
personnel;
• our ability, if necessary, to secure alternative distribution of supplies of food, equipment and other
products to Wendy’s restaurants at competitive rates and in adequate amounts, and the potential financial
impact of any interruptions in such distribution;
• availability and cost of insurance;
• adverse weather conditions;
• availability, terms (including changes in interest rates) and deployment of capital;
• changes in, and our ability to comply with, legal, regulatory or similar requirements, including franchising
laws, accounting standards, payment card industry rules, overtime rules, minimum wage rates, wage and hour
laws, government-mandated health care benefits, tax legislation and menu-board labeling requirements;
• the costs, uncertainties and other effects of legal, environmental and administrative proceedings;
• the effects of charges for impairment of goodwill or for the impairment of other long-lived assets;
• the effects of war or terrorist activities;
• expenses and liabilities for taxes related to periods up to the date of sale of Arby’s as a result of the
indemnification provisions of the Arby’s Purchase and Sale Agreement; and
• other risks and uncertainties affecting us and our subsidiaries referred to in this Annual Report on Form
10-K (see especially “Item 1A. Risk Factors” and “Item 7. Management’s Discussion and Analysis of
Financial Condition and Results of Operations”) and in our other current and periodic filings with the
Securities and Exchange Commission.
All future written and oral forward-looking statements attributable to us or any person acting on our behalf are
expressly qualified in their entirety by the cautionary statements contained or referred to in this section. New risks and
uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. We
assume no obligation to update any forward-looking statements after the date of this Annual Report on Form 10-K as a
result of new information, future events or developments, except as required by Federal securities laws. In addition, it is
our policy generally not to endorse any projections regarding future performance that may be made by third parties.
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