Restaurant Brands International sees Q1 earnings hit $588m
The group’s revenues were $1.5bn (£1.1bn) while adjusted earnings before texas were $588m (£469m)
Restaurant Brands International which runs Burger King, Popeyes, Tim Hortons and Firehouse Subs, has revealed its earnings hit $588m (£469m) for the quarter ending in March 2023 as its global sales increased 10%.
The company said the performance, which beat analysts expectations, was driven by increases in its segments as well as further investments, such as the $20m (£15m) investment for Burger King’s ‘Reclaim the Flame’ which accelerated sales growth. The group is planning to invest a total of $400m (£319m) over the course of the plan.
Meanwhile, system-wide sales increased 14.7% year-over-year and amount to $9.8bn (£7.8m). Net restaurants grew 4.2% compared to the previous year, with Popeyes performing the best with a increase of 10.8%.
In Q1, total revenues for the group amounted to $1.5bn (£1.1bn), primarily driven by increases in system-wide sales in all restaurants.
The group also released Q1 segment results for each of its restaurants. Tim Hortons’ total reported revenues were $900m (£719m), Burger King reported $484m (£386m), Popeyes’ revenues were $168m (£134m) and Firehouse Subs reported $37m (£29m) in revenues.
Josh Kobza, chief executive officer, said: “Our teams delivered a solid start to the year, with double-digit comparable sales and system-wide sales growth. Top line sales momentum translated into bottom line growth for our franchises and our company. I am confident in our plans for future growth and would like to thank our teams who are focused on improving operations and delivering a great guest experience every day at our restaurants.”
