Restaurant Brands surpasses 26K restaurants globally, reports US$257M Q2 profit

TORONTO – Restaurant Brands International Inc., the owner of Tim Hortons, Burger King and Popeyes restaurants, reports the company grew global system-wide sales nearly 8% during the second quarter.

The company says it had net income of US$257 million, or 55 cents per share, in the quarter ending June 30.

Revenue of US$1.4 billion was reported for the quarter, and was largely in line with expectations of US$1.383 billion – up from $1.343 billion in the same quarter last year, noted The Canadian Press.

RBI CEO, Jose Cil, said global system-wide growth was accomplished in new partnerships with Popeyes in China and Spain, and Tim Hortons in Thailand.

“We are working closely with our restaurant owners to deliver an enhanced guest experience including technology like delivery, kiosks and outdoor digital menu boards,” said Cil.

Adjusted net income came in at $331 million, or 71 cents per share, compared with earnings of $313 million or 66 cents per share last year.

For the second quarter of 2019, RBI reported system-wide sales growth was primarily driven by net restaurant growth of 1.6%. Comparable sales were 0.5%, including Canada comparable sales of 0.7%.

Restaurant Brands is one of the world’s largest quick-service restaurant companies with about $32 billion in system-wide sales and over 26,000 restaurants in more than 100 countries and U.S. territories.

With files from The Canadian Press.