Restaurant Brands International Inc. Reports Strong Q1 2023 Results with Double-Digit Comparable Sales Growth and Net Restaurant Growth

Restaurant Brands International Inc. is a quick-service restaurant company that operates in Canada, the United States, and internationally.[0] It operates through four segments: Tim Hortons, Burger King, Popeyes Louisiana Kitchen, and Firehouse Subs.[0] The company owns and franchises Tim Hortons chain of donut/coffee/tea restaurants that offer blend coffee, tea, and espresso-based hot and cold specialty drinks; and fresh baked goods, including donuts, Timbits, bagels, muffins, cookies, and pastries, grilled paninis, classic sandwiches, wraps, soups, and other food products.[0] It is also involved in owning and franchising Burger King, a fast-food hamburger restaurant chain, which offers flame-grilled hamburgers, chicken, and other specialty sandwiches, French fries, soft drinks, and other food items; and Popeyes Louisiana Kitchen quick service restaurants that provide Louisiana-style fried chicken, chicken tenders, fried shrimp and other seafood, red beans and rice, and other regional items.[0] In addition, the company owns and franchises Firehouse Subs quick service restaurants that offer meats and cheese, chopped salads, chili and soups, signature and other sides, soft drinks, and local specialties.[0]

Restaurant Brands International Inc. is one of the world’s largest quick-service restaurant companies with over $35 billion in annual system-wide sales and approximately 30,000 restaurants in more than 100 countries.[0] RBI owns four of the world’s most prominent and iconic quick-service restaurant brands – TIM HORTONS, BURGER KING, POPEYES, and FIREHOUSE SUBS.[0] For decades, these brands have been serving their guests, franchisees, and communities independently.[0]

In the first quarter of 2023, the increase in system-wide sales was driven by net restaurant growth of 10.8% and comparable sales of 5.6%, including US comparable sales of 3.4%. The consolidated comparable sales increased 10.3%, and net restaurants grew 4.2% versus the prior year.[0] There was a 14.7% increase in sales across the entire system.[0] Its overall revenue grew by 9.6% year-over-year, to US$1.49-billion, beating analysts’ estimates.[0] The quarter’s Adjusted EBITDA increased by 11% compared to the previous year, reaching $588 million. Adjusted EBITDA of $588 million increased 15.6% organically versus the prior year.

In Q1 of 2023, the growth in overall sales was propelled by comparable sales that surged by 10.8%. This surge was primarily driven by US comparable sales of 8.7% and rest of the world comparable sales of 12.3%. Additionally, the growth was also supported by a net restaurant growth of 2.5%. At Tim Hortons, comparable sales grew in the quarter by 13.8%, with same-store sales growth of 15.5% in Canada, its home market.[0]

0. “Restaurant Brands International Inc. Reports First Quarter 2023 Results” Canada NewsWire, 2 May. 2023,