The Dublin, Ohio-based company said Friday that its global same-store sales, or sales at locations open at least a year, fell 10% in the October-December period. That was worse than the 8.5% drop expected by analysts polled by FactSet.

U.S. same-store sales fell even further in the fourth quarter. Wendy’s said late last year that it planned to close underperforming U.S. restaurants, but it gave more details about those closures Friday.

Wendy’s said it already closed 28 restaurants in the fourth quarter and ended 2025 with 5,969 U.S. locations. It expects to close between 5% and 6% of its U.S. restaurants – or 298 to 358 locations – in the first half of this year.

Those actions come on top of the closure of 240 U.S. Wendy’s locations in 2024. At the time, the 57-year-old chain said many of its locations are simply out of date.

Like McDonald’s, Taco Bell and other rivals, Wendy’s also plans to emphasize value as it tries to win back inflation-weary customers.

“One learning from 2025 around value, we swung the pendulum too far towards limited-time price promotions instead of everyday value,” said Ken Cook, Wendy’s interim CEO and chief financial officer, in a conference call with investors.

In January, Wendy’s introduced a permanent “Biggie Deals” value menu with three price tiers: $4 Biggie Bites, $6 Biggie Bags and an $8 Biggie Bundle. Cook said Wendy’s also has new products coming this year, including a new chicken sandwich.

Wendy’s said its revenue fell 5.5% in the fourth quarter to $543 million. That was higher than the $537 million analysts had forecast.

Wendy’s expressed confidence that its U.S. turnaround plans and international growth will help arrest its sales slide this year. The company said it expects global systemwide sales — which includes sales at both company-owned and franchised restaurants — will be flat this year. Systemwide sales fell 3.5% last year.

Wendy’s shares rose nearly 5% in mid-day trading Friday.