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Restaurant Brands International Inc (NYSE:QSR) reported first-quarter FY24 sales growth of 9.4% year-on-year to $1.739 billion, beating the analyst consensus estimate of $1.703 billion.
Consolidated comparable sales increased 4.6%, and net restaurants grew 3.9% versus the prior year. Consolidated system-wide sales increased 8.1%.
Comparable sales for Tim Hortons rose 6.9%, Burger King increased 3.8%, and Popeyes Louisiana Kitchen grew 5.7%.
Revenue for Tim Hortons climbed 5.2% Y/Y, Burger King rose 17.8%, and Popeyes Louisiana Kitchen increased 11.9%.
Adjusted EPS of $0.73 beat the analyst consensus estimate of $0.72.
General and administrative expenses decreased 1.1% Y/Y. The operating margin was 31.3%, and operating income for the quarter climbed 21.7% to $544 million.
Restaurant Brands held $1.05 billion in cash and equivalents as of March-end. Net cash provided by operating activities for three months totaled $148 million. Total debt was $13.4 billion.
Restaurant Brands’ Board of Directors has declared a dividend of $0.58 per common share, payable on July 5 to shareholders and unitholders of record on June 21.
Burger King Company LLC declared an additional $300 million investment to accelerate the modernization of Burger King restaurants across the U.S.
The investment with franchisees is expected to deliver a modern restaurant image in 85%-90% of the U.S. Burger King restaurants by 2028.
Outlook: Restaurant Brands continues to expect to achieve, on average, from 2024 to 2028, comparable sales of 3%+, net restaurant growth of 5%+, and system-wide sales growth of 8%+.
Price Action: QSR shares traded higher by 4.27% at $77.00 at the last check Tuesday.
Photo via Wikimedia Commons
Posted In: QSR
