LONDON, UK – Restaurant Brands International, the parent company of popular fast-food chains like Tim Hortons, Burger King, and Popeyes, reported better-than-expected earnings and revenue for the fourth quarter of 2023.
The company’s quarterly earnings were driven by a strong performance from Tim Hortons, with same-store sales increasing by 8.4%. This exceeded analysts’ estimates and contributed to the overall positive results for the company.
In addition to Tim Hortons’ strong performance, Burger King also experienced a growth in same-store sales by 6.3%, while Popeyes saw a 5.5% increase. The company’s international segment also reported a 4.6% growth in same-store sales.
Restaurant Brands’ proactive efforts to renovate and innovate its brands have played a key role in the positive results. For example, Burger King’s U.S. business has been undergoing a turnaround plan, which includes restaurant remodeling and increased advertising spending.
Furthermore, the company recently acquired Burger King’s largest U.S. franchisee, Carrols Restaurant Group, in a $1 billion deal. This acquisition is expected to accelerate the chain’s renovation efforts.
Popeyes also introduced chicken wings as a permanent menu item, which contributed to the chain’s positive performance and was highlighted in the brand’s first-ever Super Bowl commercial.
Overall, Restaurant Brands’ new reporting structure, which provides results for its individual brands in the U.S. and Canada, as well as its international locations, has allowed for a transparent and comprehensive view of the company’s performance.
The upbeat performance of Restaurant Brands International reflects its ongoing efforts to adapt to market trends, innovate its menu offerings, and invest in the growth and enhancement of its brands.