The Saudi exchange concluded trading for the day on Sunday, with shares of Americana Restaurants International (TADAWUL:6015) closing at SAR 2.11, a decline of 0.47%. The stock had risen approximately 1.0% over the previous trading week, closing Thursday at SAR 2.12, up from SAR 2.10 a week earlier.
Hardee's, the fast-food burger chain, is owned by privately held CKE Restaurants and does not have a public listing. For investors seeking a comparable publicly traded company, Americana Restaurants International serves as the closest proxy. However, the correlation is limited. Hardee's generated $115 million in revenue for the first quarter of 2026, representing about 17.7% of Americana's total revenue of $649.7 million. In contrast, KFC contributed $391 million, accounting for 60.2% of the group's revenue.
The brand's performance shows contrasting trends across different regions. Over the past year, Americana expanded its Hardee's footprint by 24 net new stores, bringing the total to 455 locations as of March 31. The company opened 31 new sites and closed seven, resulting in a net network expansion of 5.6%. Meanwhile, in the United States, Hardee's reported 1,485 locations at the end of fiscal 2026, a 7.1% decline over two years. Franchised sites accounted for 1,287 of those locations. Franchise pressures continue to mount, with Superior Star, which operated at least 60 Hardee's locations as of January, filing for Chapter 11 bankruptcy protection. The company shed 32 units following closures or the termination of agreements during 2025.
These U.S. closures are not part of Americana's disclosed network. Americana's Hardee's branches are located in Saudi Arabia, the UAE, Kuwait, Egypt, and other regional markets. Chief Executive Amarpal Sandhu emphasized the brand's focus on "cultural energy and local pride," citing initiatives such as Saudi Arabia's Dera Burger and a One Piece collectible campaign.
Shares of U.S.-listed burger rivals also declined last week. Wendy's (NASDAQ:WEN) fell 9.9%, and Restaurant Brands International (NYSE:QSR) slid 3.4%.
The next major catalyst for Americana arrives on Tuesday, July 28, when the board is scheduled to review and approve the second-quarter and first-half financial results. Analysts monitored by Argaam project second-quarter net profit of approximately SAR 248 million. The company has not released any preliminary operating results.
Margins may be more critical than new Hardee's locations. Chief Operating Officer Harsh Bansal warned that second-quarter margins could shrink compared with the first quarter, citing war surcharges and urgent purchases. Risks include additional franchise failures in the U.S. that could worsen closures, as well as rising regional logistics and commodity expenses. Geopolitical disruptions could also put pressure on Americana's margins.
Based on reported first-quarter revenue, Hardee's like-for-like growth stood at 5.9%, compared with 7.5% for KFC and 6.7% for the Americana group overall. Hardee's revenue growth of 12.9% lagged KFC's 14.2% but was close to the group's 13.3%.
Hardee's has potential to expand internationally even as it reduces its domestic footprint. For Americana, the focus remains on KFC and maintaining strong regional margins.
