International Brands Restaurant (QSR) earnings for the first quarter of 2023

In this photo illustration, the Burger King Whopper hamburger is displayed on April 5, 2022 in San Anselmo, California.

Justin Sullivan | Getty Images

Restaurant Brands International on Tuesday reported quarterly earnings and revenue that beat analyst expectations, helped by double-digit same-store sales growth at Tim Hortons and Burger King.

The company’s shares were flat in pre-market trading.

Here’s what the company reported compared to what Wall Street was expecting, based on a survey of analysts conducted by Refinitiv:

  • Earnings per share: 75 cents, adjusted vs. 64 cents expected
  • Revenue: $1.59 billion vs. $1.56 billion expected

Restaurant Brands reported first-quarter net income of $277 million, or 61 cents per share, up from $270 million, or 59 cents per share, a year ago.

Excluding items, the company earned 75 cents per share.

Net sales rose 9.6% to $1.59 billion. The company’s same-store sales grew 10.3% in the quarter, helped by double-digit growth at Burger King and Tim Hortons.

Burger King store sales rose 12.3%, beating StreetAccount’s estimate of 6.8%. In the US, the burger chain’s same-store sales increased 8.7%, an early sign that its domestic turnaround is solidifying.

In April, Burger King US President Tom Curtis told CNBC that the chain is selling more Whoppers than ever, thanks to its new ad campaign and the Whopper song featured on TikTok.

Tim Hortons same-store sales rose 13.8%, beating StreetAccount’s estimate of 10.1%. In Canada, its home market, it posted same-store sales growth of 15.5%.

The Canadian coffee chain has undergone its own transformation in recent years to revive sales in its home market. Restaurant Brands has revamped the Tims menu and loyalty program and upgraded its coffee brewing equipment. Its mobile app is now the number two e-commerce app in Canada, behind only Amazon, Josh Kobza, CEO of Restaurant Brands, told CNBC.

Popeyes Louisiana Kitchen reported same-store sales growth of 5.6%, beating StreetAccount’s estimate of 4%. A year ago, you reported that same-store sales were down 3%. In January, the fried chicken chain brought back Ghost Pepper Wings for the first time in three years and sold out of the item in just two weeks. Chicken wings are back on menus Monday.

Firehouse Subs, the latest addition to Restaurant Brands portfolio, saw same-store sales increase 6.1% in the first quarter.

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