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Burger King and Tim Hortons reportedly helped their parent company, Restaurant Brands International Inc. beat estimates after posting high sales. RBI said during its quarterly earnings and revenue report on Tuesday, May 2, that it has surpassed analysts’ expectations thanks to the double-digit sales growth at the mentioned two restaurant chains.
The same-store sales growth at Burger King and Tim Hortons allowed RBI to top Wall Street’s estimates for the first-quarter earnings results. With the strong sales from the burger joint and Canadian coffee store chain, Restaurant Brand’s same-store sales increased by 10.3% in Q1.
For Burger King, its same-store sales record showed a 12.3% increase which is a contrast to the estimates from StreetAccount, which was only 6.8%. In the United States, the Whopper burger store’s same-store sales also grew by 8.7%, and business observers said this is an early indication that its turnaround plans and efforts in the country are working.
Burger King launched its new promo campaigns, including a new jingle that has gone viral on social media. These are part of the brand’s turnaround strategy to improve its franchisees’ profitability.
“This is one of the best results we have had in a really long time,” RBI’s chief executive officer, Josh Kobza, told CNBC. He also told analysts that “Given these results, moderating cost inflation and our investment behind the brand, coupled with strong operating leverage at the restaurant level, we are feeling increasingly positive about BK’s path forward this year and into the future.”
On the other hand, Tim Hortons’ same-store sales rose by 13.8%, beating StreetAccount estimates as well, which was only 10.1%. In the coffee chain store’s Canadian home market, the sales growth was 15.5%.
Reuters further reported that while Burger King’s two major franchisees have struggled in the U.S., it continues to add new restaurants and its sales overseas are growing steadily. In fact, for this year, BK is said to be in the quest for additional franchisees, although it still expects to shut down between 300 to 400 stores.
Photo by: Ismail Hadine/Unsplash
