Restaurant Brands International (QSR) First Quarter 2022 Results

In this photo illustration a Burger King Whopper burger is displayed on April 05, 2022 in San Anselmo, California. A federal lawsuit has been filed seeking class-action status alleging fast-food chain Burger King misleads customers with images that portray its food, including the Whopper burger, as much larger than what it is. which is actually served to customers.

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Restaurant Brands International on Tuesday reported quarterly earnings and revenue that beat analysts’ expectations, fueled by strong same-store sales growth at Burger King’s restaurants overseas.

Shares of the company were flat in premarket trading.

Here’s what the company reported compared to what Wall Street expected, based on a Refinitiv analyst survey:

  • Earnings per share: 64 cents adjusted vs. 63 cents expected
  • Revenue: $1.45 billion vs $1.41 billion expected

Restaurant Brands reported net income of $270 million, or 59 cents per share, in the first quarter, compared with $271 million, or 58 cents per share, a year earlier.

Excluding items, the company earned 64 cents per share, beating the 63 cents per share expected by analysts polled by Refinitiv.

Net sales increased 15.2% to $1.45 billion, beating expectations of $1.41 billion. This was the first full quarter where Restaurant Brands’ acquisition of Firehouse Subs was included in its revenue.

Burger King saw same-store sales climb 10.3% in the quarter. Abroad, the chain’s same-store sales jumped 20.1%. But its home market saw flat same-store sales as the chain begins a turnaround to rejuvenate demand.

Tim Hortons reported comparable store sales growth of 8.4% for the quarter, which includes double-digit gains in Canada. The coffee chain has taken longer than other Restaurant Brands restaurants to recover from the pandemic due to Covid restrictions in its home market. A year ago, its same-store sales were down 2.3%.

Popeyes Louisiana Kitchen was once again the only chain in the Restaurant Brands portfolio to report lower same-store sales. Worldwide, same-store sales fell 3%. However, the fried chicken chain also saw net restaurant growth of 7.9%. Only locations that have been open for at least 13 months are included in its same-store sales statistics.

Read the full earnings report here.

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