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Business

Restaurant Brands International (QSR) Q4 2023 Results

A general view of a Tim Hortons Drive-Thru cafe and restaurant at Lakeside Retail Park on February 5, 2024 in Grays, United Kingdom.

John Keeble | Getty Images

International restaurant brands reported quarterly earnings and revenue Tuesday that beat analysts’ expectations, fueled by stronger-than-expected Tim Hortons sales.

The company’s shares were unchanged premarket.

Here’s what the company reported compared to what Wall Street expected, based on a survey of analysts by LSEG, formerly known as Refinitiv:

  • Earnings per share: 75 cents adjusted versus 73 cents expected
  • Revenue: $1.82 billion versus $1.81 billion expected

Restaurant Brands reported fourth-quarter net income attributable to shareholders of $508 million, or $1.60 per share, compared with $229 million, or 74 cents per share, a year earlier.

Excluding items, the company earned 75 cents per share.

Net sales rose 8% to $1.82 billion.

This quarter marks the first time Restaurant Brands has shared results using its new reporting structure. The company now shares results for its individual brands in the United States and Canada and groups all of its international locations under its “international” segment.

Tim Hortons same-store sales increased 8.4% in the quarter, beating StreetAccount estimates of 4.7%. The Canadian coffee chain is typically the largest revenue contributor to restaurant brands.

Burger King reported same-store sales growth of 6.3%. The chain’s American operations have now been engaged for more than a year in a recovery plan which includes the renovation of restaurants and additional spending on advertising.

Restaurant Brands also recently acquired Burger King’s largest U.S. franchisee, Carrols Restaurant Group, in a billion-dollar deal aimed at helping the chain renovate its locations even faster.

Popeyes’ same-store sales increased 5.5% in the quarter. The fried chicken chain launched chicken wings as a permanent menu item during this period. The wings were the focus of Popeyes’ first-ever Super Bowl commercial, which aired during Sunday’s game.

Restaurant Brands reported international same-store sales growth of 4.6%.

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