Restaurant Brands International (QSR) Revenue Q1 2023
This photo illustration shows the Burger King Whopper Burger on April 5, 2022 in San Anselmo, California.
Justin Sullivan | Getty Images
Restaurant Brands International on tuesday report Driven by double-digit same-store sales growth at Tim Hortons and Burger King, quarterly earnings and earnings exceeded analyst expectations.
The company’s shares were flat in premarket trading.
Here’s what the company reported compared to what Wall Street had expected, based on analyst research by Refinitiv.
- Earnings per share: adjusted 75 cents vs. expected 64 cents
- Revenue: $1.59 billion vs. $1.56 billion forecast
Restaurant Brands reported first-quarter net income of $277 million, or 61 cents per share, up from $270 million, or 59 cents per share, in the year-ago quarter.
Excluding items, the company earned 75 cents per share.
Net sales increased 9.6% to $1.59 billion. The company’s same-store sales increased 10.3% in the fourth quarter, driven by double-digit growth at Burger King and Tim Hortons.
Burger King same-store sales increased 12.3%, beating StreetAccount’s estimated 6.8%. In the US, the burger chain’s same-store sales increased his 8.7%. domestic turnaround is taking root.
Josh Kobza, CEO of Restaurant Brands, told CNBC:
April, Burger King’s US President Tom Curtis told CNBC The chain is selling more Whoppers than ever before, thanks to a new advertising campaign and a Whopper-themed jingle that went viral on TikTok.
“These results, combined with easing cost inflation, investment in brands and strong operating leverage at the restaurant level, make us increasingly positive about BK’s trajectory this year and into the future,” Kobza told analysts on Tuesday. ing.
Turnaround strategies also focus on improving franchisee profitability. As of 2023, two of Burger King’s U.S. franchisees have filed for bankruptcy. Kobza said on a conference call that he expects more “short-term noise” as some locations fall into the hands of top operators.
Tim Hortons’ same-store sales were up 13.8%, beating StreetAccount’s estimate of 10.1%. In his home country of Canada, same-store sales increased by 15.5%.
Canadian coffee chains have undergone a restructuring of their own in recent years to revive sales in their home market. Restaurant Brands revamped Tims’ menu and loyalty program, and upgraded its coffee brewing equipment. Its mobile app is currently the #2 e-commerce app in Canada, placing it at #2. Amazon.
Popeyes Louisiana Kitchen increased same-store sales by 5.6%, beating StreetAccount’s 4% forecast. A year ago, same-store sales were reported to be down 3%.
In January, the fried chicken chain brought back Ghost Pepper Wings for the first time in three years, selling out in just two weeks. Management said the wings have increased customer spend, improved profit margins for franchisees and attracted younger customers.Ghost Pepper Wings returned to the menu on Monday as a permanent addition.
Firehouse Subs, a recent addition to Restaurant Brands’ portfolio, saw same-store sales increase 6.1% in the quarter.
Summarize this content to 100 words This photo illustration shows the Burger King Whopper Burger on April 5, 2022 in San Anselmo, California.Justin Sullivan | Getty ImagesRestaurant Brands International on tuesday report Driven by double-digit same-store sales growth at Tim Hortons and Burger King, quarterly earnings and earnings exceeded analyst expectations.The company’s shares were flat in premarket trading.Here’s what the company reported compared to what Wall Street had expected, based on analyst research by Refinitiv.Earnings per share: adjusted 75 cents vs. expected 64 centsRevenue: $1.59 billion vs. $1.56 billion forecastRestaurant Brands reported first-quarter net income of $277 million, or 61 cents per share, up from $270 million, or 59 cents per share, in the year-ago quarter.Excluding items, the company earned 75 cents per share.Net sales increased 9.6% to $1.59 billion. The company’s same-store sales increased 10.3% in the fourth quarter, driven by double-digit growth at Burger King and Tim Hortons.Burger King same-store sales increased 12.3%, beating StreetAccount’s estimated 6.8%. In the US, the burger chain’s same-store sales increased his 8.7%. domestic turnaround is taking root.Josh Kobza, CEO of Restaurant Brands, told CNBC:April, Burger King’s US President Tom Curtis told CNBC The chain is selling more Whoppers than ever before, thanks to a new advertising campaign and a Whopper-themed jingle that went viral on TikTok.”These results, combined with easing cost inflation, investment in brands and strong operating leverage at the restaurant level, make us increasingly positive about BK’s trajectory this year and into the future,” Kobza told analysts on Tuesday. ing.Turnaround strategies also focus on improving franchisee profitability. As of 2023, two of Burger King’s U.S. franchisees have filed for bankruptcy. Kobza said on a conference call that he expects more “short-term noise” as some locations fall into the hands of top operators.Tim Hortons’ same-store sales were up 13.8%, beating StreetAccount’s estimate of 10.1%. In his home country of Canada, same-store sales increased by 15.5%.Canadian coffee chains have undergone a restructuring of their own in recent years to revive sales in their home market. Restaurant Brands revamped Tims’ menu and loyalty program, and upgraded its coffee brewing equipment. Its mobile app is currently the #2 e-commerce app in Canada, placing it at #2. Amazon.Popeyes Louisiana Kitchen increased same-store sales by 5.6%, beating StreetAccount’s 4% forecast. A year ago, same-store sales were reported to be down 3%.In January, the fried chicken chain brought back Ghost Pepper Wings for the first time in three years, selling out in just two weeks. Management said the wings have increased customer spend, improved profit margins for franchisees and attracted younger customers.Ghost Pepper Wings returned to the menu on Monday as a permanent addition.Firehouse Subs, a recent addition to Restaurant Brands’ portfolio, saw same-store sales increase 6.1% in the quarter.
https://www.cnbc.com/2023/05/02/restaurant-brands-international-qsr-earnings-q1-2023.html Restaurant Brands International (QSR) Revenue Q1 2023
