Restaurant Brands International Inc. (TSX: QSR) reported financial results for the third quarter ended September 30 showing an increase in system-wide sales.
Restaurant Brands International Inc. is one of the world’s largest quick service restaurant companies with over $40 billion in annual system-wide sales and over 30,000 restaurants in more than 120 countries and territories. RBI owns four of the world’s most prominent and iconic quick service restaurant brands – TIM HORTONS®, BURGER KING®, POPEYES®, and FIREHOUSE SUBS®.
Third Quarter 2024 Highlights:
- Consolidated comparable sales were 0.3% and net restaurants grew 3.8% versus the prior year;
- System-wide sales increased 3.2% year-over-year;
- Income from Operations of $577 million versus $582 million in the prior year;
- Adjusted Operating Income of $652 million increased 6.1% organically (excluding FX and RH) versus the prior year;
- Diluted EPS of $0.79 was consistent with the prior year;
- Adjusted Diluted EPS of $0.93 increased 4.6% organically (excluding FX and RH) versus the prior year.
“Our results demonstrate the resilience of our business and the dedication of our teams and franchisees. We remain focused on providing great value for guests, improving franchisee profitability, and investing in our brands for the long-term. We have been pleased to see an improvement in consolidated comparable sales in October and remain confident we will achieve our 8% plus Adjusted Operating Income growth target for 2024 and beyond,” said Josh Kobza, Chief Executive Officer of RBI, in a news release.
The company completed the acquisitions of Carrols Restaurant Group Inc. and Popeyes China on May 16, 2024 and June 28, 2024, respectively. Consolidated results include Carrols and PLK China revenues, expenses and segment income from their acquisition dates.
RBI hosted an investor event on February 15 and announced the following long-term consolidated performance that the company continues to expect to achieve, on average, from 2024 to 2028:
- 3%+ Comparable Sales;
- 5%+ Net Restaurant Growth;
- 8%+ System-wide Sales growth; and
- Adjusted Operating Income growth at least as fast as system-wide sales growth.
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