Restaurant Brands International (QSR) Q4 2023 Annual Revenue Financial Results Report

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A panoramic view of the Tim Hortons Drive-Thru coffee house and restaurant at Lakeside Retail Park on February 5, 2024 in Grays, United Kingdom.

John Keeble | Getty Images

Restaurant Brands International reported quarterly earnings and revenue that beat analysts’ expectations on Tuesday, boosted by stronger-than-expected Tim Hortons sales.

The company’s shares were unchanged in premarket trading.

Here’s what the company said compared to Wall Street expectations, based on a survey of analysts by LSEG, formerly Refinitiv:

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

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

Excluding items, the company earned 75 cents per share.

Net sales increased by 8% to $1.82 billion.

This quarter marks the first time Restaurant Brands has shared its results using its new reporting structure. The company now splits the results for its individual brands in the US and Canada and groups all international locations together under its “international” division.

Tim Hortons same-store sales increased 8.4% in the quarter, topping StreetAccount estimates of 4.7%. The Canadian coffee chain is usually the biggest contributor to Restaurant Brands’ revenue.

Burger King reported same-store sales growth of 6.3%. The US chain is now more than a year into a turnaround plan that includes remodeling restaurants and spending more money on advertising.

Restaurant Brands recently acquired Burger King’s largest US franchisee, Carrols Restaurant Group, in a $1 billion deal to help the chain upgrade locations even faster.

Popeyes same-store sales grew 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 Super Bowl ad, which aired during Sunday’s game.

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

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