RIYADH, July 26, 2026, 17:10 AST — The Saudi exchange has finished trading for the day.
Hardee’s is owned by privately held CKE Restaurants, with no public listing. Investors seeking a comparable traded company can look to Americana Restaurants International (TADAWUL:6015; ADX:AMR). Shares in Saudi Arabia finished Sunday at SAR 2.11, a decrease of 0.47%.
Still, the proxy is limited. Hardee’s brought in $115 million in revenue for the first quarter, making up around 17.7% of Americana’s overall figure. KFC accounted for $391 million, representing 60.2%.
This is significant as the brand is showing contrasting trends across regions. In the past year, Americana grew its Hardee’s count by 24 net new stores. Meanwhile, 113 Hardee’s locations closed in the U.S. system over two years.
Americana rose about 1.0% over the last Saudi trading week, even after Sunday’s decline. The stock closed Thursday at SAR 2.12, an increase from SAR 2.10 on the previous Sunday.
Americana’s most recent brand breakdown highlights that Hardee’s by itself is not enough to propel the stock:
| Q1 2026 measure | Hardee’s | KFC | Americana group |
|---|---|---|---|
| Revenue | $115 million | $391 million | $649.7 million |
| Revenue growth | 12.9% | 14.2% | 13.3% |
| Like-for-like growth | 5.9% | 7.5% | 6.7% |
| Portion of group revenue | 17.7% | 60.2% | 100% |
Based on reported first-quarter revenue. Americana rounded brand revenue data.
Hardee’s has emphasized “cultural energy and local pride,” Chief Executive Amarpal Sandhu said. He mentioned Saudi Arabia’s Dera Burger and a One Piece collectible campaign. Investing.com
As of March 31, Americana ran 455 Hardee’s locations. Over the previous year, it launched 31 new sites and shuttered seven, resulting in net network expansion of 5.6%.
The picture in the U.S. stands in stark contrast. Hardee’s reported 1,485 locations at the close of fiscal 2026, representing a 7.1% decrease over two years. Franchised sites accounted for 1,287 of those locations.
Franchise pressures continue to show. Superior Star, which operated no fewer than 60 Hardee’s locations as of January, sought Chapter 11 protection. The company shed 32 units following closures or the end of agreements during 2025.
These U.S. closures are not part of Americana’s disclosed network. The company’s Hardee’s branches are located in Saudi Arabia, the UAE, Kuwait, Egypt, and additional markets in the region.
Shares of U.S.-listed burger rivals also dropped last week. Wendy’s NASDAQ:WEN declined 9.9%, and Restaurant Brands International NYSE:QSR slid 3.4%.
The next catalyst arrives on Tuesday. On July 28, Americana’s board is scheduled to review and sign off on the second-quarter and first-half financial results.
Initial forecast: Analysts monitored by Argaam project second-quarter net profit at about SAR 248 million. The company has not released any preliminary operating results.
Margins might be more crucial than new Hardee’s locations. Chief operating officer Harsh Bansal warned Q2 margins may shrink compared with Q1, citing war surcharges and urgent purchases.
Risks: Additional franchise failures in the U.S. may worsen closures. Rising regional logistics and commodity expenses, as well as geopolitical disruptions, could put pressure on Americana’s margins.
Hardee’s has potential to expand internationally even as it reduces its domestic footprint. For Americana, focus remains on KFC and strong regional margins.
