WENDY’S

Penegor wouldn’t say where Wendy’s is hoping to go overseas during a call with analysts Wednesday, but said new markets are the target.

“We need to enter one or two new markets,” he said.

The next move might be China or another Asian country. Wendy’s has made some inroads into Japan.

Some U.S. brands have found big success in China, including KFC, which has thousands of stores there. Even White Castle, which is based in Columbus, opened a store in China.

“China is always an option,” Gordon said. “You have to look for where there is demand for Americana and where the big boys are underdeveloped.”

To lead the new international push, Penegor tapped Abigail Pringle, the architect of Wendy’s recent remodeling efforts called Image Activation.

A more robust international presence could be one of the reasons rumors have swirled around Wendy’s merging with or buying Papa John’s. The struggling pizza chain has a solid international footprint and would give Wendy’s access to big international franchisees, Gordon said.

“They have to find a well-heeled international partner,” he said, “but everybody is after these people.”

International development carries risk. A lot of brands do not translate to new surroundings, and companies have to invest a lot in marketing to educate new consumers who have maybe never used a drivethrough or eaten a chicken nugget. The good thing is that Wendy’s is flush with cash after selling its stake in Arby’s for $450 million.

“It is late, years late,” Gordon said, “but it’s not too late.”