Popeyes is winner in RBI Q2 financials
The triple QSR parent company, Restaurant Brands International, this morning reported its Q2 financial results, indicating that Popeyes managed to achieve double-digit profit growth by accelerating its restaurant expansion activity. Its sister brands, Burger King and Tim Hortons, also reported forward progress, a news release said.
Key financial highlights for the company for the quarter ending June 30, include:
- System-wide sales at Popeye's skyrocketed from 3.3 percent in Q2 2017 to 10.7 percent this year's quarter.
- Sales declined system wide from Tim Hortons (2.6 to 2.2 percent and Burger King (10.6 to 8.4 percent.
- Comparable Sales grew from 2.7 to 2.9 percent at Popeye's but fell at Burger King (3.9 to 1.8) and Tim Hortons (0.8 to 0) between 2017 and 2018 Q2 results.
- Net restaurant growth was up at Burger King (6 to 6.4 percent) and Popeyes (5.3 to 7.5 percent) but fell at Tim Hortons (4.3 to 3 percent).
- Adjusted EBITDA for all three brands rose from $531.1 million in Q2 2017 to $563.1 million in 2018.
- Adjusted net income rose from $241.7 to $312.4 million in the same period.
- Adjusted diluted EPS rose from 51 cents last year's quarter to 66 cents this year.
RBI adopted a new accounting standard this year, but the last three numbers above compare numbers under the old standard for our readers.
"During the second quarter, we continued to grow each of our three iconic brands, and we made good progress against the 2018 priorities that we outlined last quarter," RBI CEO Daniel Schwartz said in the release.
"At Tim Hortons, we have implemented a number of initiatives under our 'Winning Together' plan — including the launch of Breakfast Anytime - which we believe will drive improved comparable sales over the long run. We also delivered strong system-wide sales growth at Burger King and Popeyes, driven by accelerated net restaurant growth.