All articles tagged with #restaurant brands international
Restaurant Brands International exceeded earnings and revenue expectations in Q3, driven by international growth and strong performance from Tim Hortons and Burger King, while Popeyes faced sales declines.
Restaurant Brands International (RBI) reported a significant increase in franchisee profitability for its chains, with Burger King leading the way in the U.S. as typical locations generated 46% more profits in 2023 compared to the previous year. Other RBI concepts, including Popeyes, Tim Hortons, and Firehouse Subs, also saw substantial increases in per-store profits. The company attributed the profitability improvements to price increases, operational initiatives, and better sales. Despite the progress, RBI aims for even higher profitability and has tied metrics to its "Reclaim the Flame" investment.
Restaurant Brands International reported better-than-expected earnings and revenue for the fourth quarter, driven by strong sales at Tim Hortons. The company's net income attributable to shareholders rose to $508 million, with adjusted earnings per share of 75 cents. Tim Hortons' same-store sales surged 8.4%, exceeding estimates, while Burger King and Popeyes also reported solid same-store sales growth. The company's new reporting structure separates results for its individual brands in the U.S. and Canada and groups international locations under its "international" segment.
A Popeyes restaurant in Troy, Michigan, has been cited for violating child labor laws after employing 63 teens aged 14-15 during school hours, resulting in a $48,251 fine. The parent company, Restaurant Brands International, did not immediately comment. The Labor Department has seen a 69% increase in child labor law violations, with 955 cases identified in fiscal year 2023, and has formed an Interagency Task Force to Combat Child Labor Exploitation to address the issue.
Restaurant Brands International, the parent company of Burger King and Popeyes, is acquiring more than 1,000 fast-food restaurants from its largest Burger King franchisee, Carrols Restaurant Group, in a $1 billion deal. The company plans to invest $500 million in remodeling roughly 600 Burger King restaurants and then sell them to motivated local franchisees. This move is part of RBI's "Reclaim the Flame" plan to revitalize the Burger King brand, which has been struggling with relevancy compared to competitors like McDonald's and Wendy's.
Restaurant Brands International, the parent company of Burger King, is acquiring Carrols Restaurant Group, the largest U.S. franchisee of Burger King, for $1 billion in an all-cash transaction. This move is part of Burger King's "Reclaim the Flame" plan to revamp its brand in America by transitioning to local franchisees and refurbishing restaurant locations. The acquisition will involve investing $500 million to modernize 600 restaurants and increasing the number of Burger King U.S. franchisees to 400-500 in the next five years. The transaction is expected to be completed in the second quarter of 2024.
Restaurant Brands International, the owner of Burger King, is set to acquire Carrols Restaurant Group, the largest franchisee of Burger King in the US, for $1 billion in cash. The deal includes 1,022 Burger King restaurants and 60 Popeyes locations, with plans to remodel acquired restaurants over the next five years. This acquisition is part of RBI's strategy to drive sales growth and franchisee profitability, with the transaction expected to be finalized in the second quarter of 2024.
Restaurant Brands International is acquiring Carrols Restaurant Group, the largest Burger King franchisee in the U.S., for about $1 billion in cash. This move marks a shift in strategy for Burger King, which has been almost entirely franchised for the last decade. The acquisition is part of a $400 million plan to revive Burger King's U.S. business, focusing on investing in restaurant remodels and advertising to drive demand and boost franchisee profits. Restaurant Brands plans to rapidly remodel 600 of Carrols' Burger King locations over the next five years and then sell them back to franchisees, with the goal of holding onto a couple hundred restaurants for strategic innovation, training, and operator development purposes.
Restaurant Brands International, the owner of Burger King, plans to acquire its largest US franchisee, Carrols Restaurant Group, for about $1 billion in cash. The acquisition aims to expedite the renovation of hundreds of locations and revitalize the brand's customer base. Following the purchase, Restaurant Brands intends to invest in technology, increase advertising spending, and enhance the in-store customer experience to reverse declining sales. The deal includes a plan to remodel 600 of Carrols' over 1,000 locations and subsequently refranchise most of the stores to new or existing smaller franchisee owners.
Restaurant Brands International reported weaker-than-expected quarterly revenue, primarily due to Burger King's disappointing same-store sales growth. While Burger King's same-store sales grew 7.2%, it fell short of estimates. Tim Hortons' same-store sales growth met expectations, and Popeyes outperformed expectations with a 7% growth in same-store sales. The company's net income and earnings per share also declined compared to the previous year.
Burger King's Russian restaurants, operated through a joint venture partnership with a 15% stake from parent company Restaurant Brands International (RBI), remain open more than 18 months after RBI announced its intention to exit the Russian market. RBI has stated that the disposal process will take time due to the terms of the joint venture agreement. The main operator of Russia's Burger King restaurants has refused to stop operations despite RBI's demand. RBI is not providing new investment or supply-chain support to the Russian restaurants and has not made any profits from them since early 2022. Other fast-food brands under RBI, including Popeyes, Tim Hortons, and Firehouse Subs, do not have locations in Russia.
Restaurant Brands International, the parent company of Burger King, Tim Hortons, and Popeyes, reported double-digit same-store sales growth for Burger King and Tim Hortons in the second quarter. Tim Hortons saw same-store sales growth of 11.4%, while Burger King's same-store sales rose 10.2%. The company plans to invest $400 million in Burger King's comeback in its home market. Popeyes also exceeded expectations with same-store sales growth of 6.3%.
Popeyes is adding a Blackened Chicken Sandwich to its menu, the first addition to its chicken sandwich line since it launched four years ago. The new menu item features a chicken breast marinated for 12 hours and seasoned with Cajun spices, but lacks the breading of the chain's existing chicken sandwich. Popeyes is also allowing customers to add bacon and Havarti cheese to all of its chicken sandwiches. The menu changes suggest Popeyes is leaning on the popularity of its chicken sandwich to draw in customers.
Burger King plans to close 300 to 400 restaurants by the end of 2023 due to several large franchisees filing for bankruptcy. The parent company, Restaurant Brands International, has already closed 124 locations this year, leaving around 7,000 open locations in the US. The company did not disclose which future locations would be closed or when.
Restaurant Brands International reported Q1 earnings and revenue that beat analysts' expectations, driven by double-digit same-store sales growth at Tim Hortons and Burger King. The company's net income rose to $277 million, and its same-store sales grew 10.3% in the quarter, with Burger King's same-store sales rising 12.3% and Tim Hortons' same-store sales climbing 13.8%. Popeyes Louisiana Kitchen also reported same-store sales growth of 5.6%, while Firehouse Subs saw its same-store sales rise 6.1% in the quarter.