Restaurant Brands International reports second quarter 2024 results
While missing some of its earing targets, Restaurant Brands International (RBI) reported solid results for its second quarter of 2024, driven by a strong performance by its Tim Hortons holdings.
According to the international operator of quick service restaurants— with some 30,000 restaurants in more than 100 countries, including Tim Hortons, Burger King, Popeyes and Firehouse Subs— RBI posted a net income of $399 million for this second quarter of 2024, up from $351 million the same time last year. Net sales rose 17% to $2.08 billion, boosted by the acquisition of Burger King restaurants in the U.S.
Canada’s beloved Tim Hortons performed best out of all the restaurant holding in RBI’s portfolio with same-store sales growth of 4.6% and a net restaurant growth of 0.1% for the second quarter, even as Canadians are cutting back on eating out.
READ: Restaurant Brands International expects to have 40,000 restaurants, $60B in sales by 2028
According to TouchBistro’s “2024 Diner Trends Report”, Canadians are choosing takeout over dining in with 31% of Canadian diners are ordering takeout at least once a week, compared to just 25% who say they dine in with the same frequency—a trend largely driven by cost of living increases, according to the report.
"I am proud of our teams and franchisees who are delivering compelling value to guests every day through excellent food and beverages, outstanding service and improved convenience,” said Josh Kobza, chief executive officer of RBI upon the release of the results. “Our priorities and balance of thoughtful investments with cost discipline allow us to navigate short-term consumer pressures and drive sustainable results for our business and our franchisees."
RBI also announced the completion of the acquisitions of Upon the completion of the acquisition of Carrols Restaurant Group Inc Popeyes China which will be included in RBI’s consolidated results in the third quarter of 2024.
“Following the Carrols and PLK China Acquisitions, RBI established a new operating and reportable segment, Restaurant Holdings (RH), which includes results from the Carrols Burger King restaurants and the PLK China restaurants. As a result, RBI now reports results under six operating and reportable segments consisting of the following: Tim Hortons (TH), Burger King (BK), Popeyes Louisiana Kitchen (PLK), Firehouse Subs (FHS), International (INTL) and RH,” the company said in the statement accompanying the results.
