Restaurant Brands International Inc. reported fourth-quarter earnings that exceeded Wall Street expectations, with adjusted earnings per share (EPS) of $0.75 against estimates of $0.73 and sales reaching $1.82 billion, surpassing the forecasted $1.81 billion. The company, parent to Burger King and Tim Hortons, saw global system-wide sales increase nearly 10% for the quarter and over 12% for the year 2023. Comparable sales rose nearly 6% in Q4, driven by over 8% growth at Tim Hortons. Efforts to revitalize the Burger King chain were highlighted as a contributing factor to the quarter's success. Additionally, U.S. Burger King franchisees reported increased profitability, with average earnings now exceeding $200,000, partly attributed to the closure of underperforming units. Patrick Doyle commented on Burger King profitability, stating "$205 plus is great progress but we're not there yet. It's got to be higher than that." The company closed just under 300 U.S. Burger King locations last year but expects a normal rate of closures this year. Traffic at U.S. Burger King locations improved last quarter, despite sales and traffic being impacted in 15 countries due to issues in the Middle East, affecting same-store sales by 1.5 percentage points and traffic by 3 points.
Positive traffic among all income groups at Burger King U.S. $QSR
Patrick Doyle on Burger King profitability: "$205 plus is great progress but we're not there yet. It's got to be higher than that." $QSR
Restaurant Brands results beat estimates on strong sales at Burger King, Tim Hortons https://t.co/MByjVwlGD8 https://t.co/EC96ljrMoX
Huh. $QSR saying that Burger King franchisees with 50 or fewer locations are more likely to have stores remodeled, are better capitalized and generate $15k more in per-restaurant profit than those with 50+ units.
Closures are now "behind" Burger King, which expects a normal rate of closures this year. Company closed just less than 300 U.S. units last year. $QSR
$QSR saying that Burger King U.S. traffic was up last quarter. Also notes that issues in the Middle East hurt sales and traffic in 15 countries. Total impact 1.5 percentage points off same-store sales, 3 points from traffic.
Franchisee profitability at Restaurant Brands International concepts picked up a lot last year. Burger King U.S. operators now over $200k. Of course, some of that is due to bankruptcies and closures of weak units. But profitability up in 2023. $QSR https://t.co/flVYn14s6J
Restaurant Brands earnings beat estimates, fueled by strong Tim Hortons sales https://t.co/wZU5RoovVp
Burger King owner Restaurant Brands reports sales and profit that surpassed analyst estimates, defying a pullback in spending that has hurt rivals’ results https://t.co/traWxL7HYS
Burger King parent Restaurant Brands beats profit estimates for Q4 as revenue matches consensus https://t.co/ndbfAK9t9o
⚠️ BURGER KING-PARENT RESTAURANT BRANDS INCHES PAST QUARTERLY SALES ESTIMATES (Reuters) Restaurant Brands International edged past Wall Street estimates for quarterly revenue on Tuesday, helped by its Burger King chain from efforts to turn around the business. Total revenue… https://t.co/KSzpFlnNRs
$QSR | Restaurant Brands International Inc Q4 Earnings: - Adjusted EPS $0.75 (Est. $0.73) - Sales $1.82B (Est. $1.81B) - Global System-wide Sales Grow Nearly 10% For The Fourth Quarter And Over 12% For 2023 - Comparable Sales Up Nearly 6% In Q4, Led By Over 8% Growth At Tim…