Operations

RBI Q1 a solid start to the year

Provided

May 3, 2023

Restaurant Brands International Inc. enjoyed consolidated systemwide sales growth of 15%, year-over-year, and global comparable sales growth of 10%.

That latter growth was led by Burger King International, Burger King US and Tim Hortons, according to a press release.

"Our teams delivered a solid start to the year, with double-digit comparable sales and systemwide sales growth. Top line sales momentum translated into bottom line growth for our franchisees 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," Josh Kobza, CEO, said in the release.

First quarter highlights:

• Consolidated comparable sales increased 10.3% and net restaurants grew 4.2% versus the prior year.
• Systemwide sales increased 14.7% year-over-year.
• Net income of $277 million versus $270 million in prior year.
• Adjusted EBITDA of $588 million increased 15.6% organically versus the prior year.
• Diluted EPS was $0.61 versus $0.59 in prior year.
• Adjusted diluted EPS of $0.75 increased 22.1% organically versus the prior year.

RBI has four operating segments: Tim Hortons, Burger King, Popeyes Louisiana Kitchen and Firehouse Subs.

In September 2022, Burger King announced it will be investing $400 million in a Fuel the Flame strategy, comprised of $150 million in advertising and digital investments and $250 million in remodels and relocations, restaurant technology, kitchen equipment and building enhancements.

RBI operates over 30,000 restaurants in more than 100 countries.

In February, RBI appointed Joshua Kobza as the company's CEO effective March 1.