Restaurant Brands International Reported Better Than Expected Quarterly Earnings
May 3, 2022 By MarketDepth
Restaurant Brands International (NYSE: QSR), reported better-than-expected first quarter earnings on Tuesday amid strong same-store sales growth from international Burger King restaurants. The burger chain’s overseas same-store sales skyrocketed 20.1% within the quarter, despite falling flat in its home market.
Higher Than Expected Earnings
The multinational fast-food holding company reported earnings of USD0.64 per share, compared to the expected USD0.63 a share. Revenue amounted to USD1.45 Billion, higher than analysts anticipated USD1.41 Billion. Additionally, the quarter’s net income totaled USD270 Million, down from the previous year’s USD271 Million.
“Our first quarter results reflect the hard work of our great franchisees, team members, and employees with important milestones including a strong resurgence in comparable sales, record first quarter new restaurant openings, and the highest level of digital engagement we have seen from guests across our home markets. This progress allowed us to continue investing behind our key priorities, while also returning over $400 million to shareholders between dividends and share repurchases.”José Cil, Chief Executive Officer of Restaurant Brands International Inc. (“RBI”)
Moreover, the company’s TIm Hortons chain highlighted same-store sales growth of 8.4% for the quarter, including double-digit gains in Canada. The coffe chain has been the slowest of Restaurant Brand’s other chains to recover from the pandemic due to Canada’s ongoing Covid restrictions.
“Tim Hortons Canada and Burger King International had standout sales performances, both with double digit comparable sales growth during the first quarter, while Burger King U.S. continued to lay the foundation to return to long term, sustainable growth. In addition, our strong start to the year in new restaurant openings and the progress we’ve made in ramping our global development capabilities at Tim Hortons and Popeyes gives us confidence that we are on track to accelerate unit growth in 2022.”José Cil, Chief Executive Officer of Restaurant Brands International Inc. (“RBI”)