Digital sales and restaurant growth have shown a strong perfomance in 2021, according to RBI CEO José Cil.
Restaurant Brands International Inc. today reported financial results for the full year and fourth quarter ended December 31, 2021. RBI reported a system-wide sales growth of 13.8% and a net restaurant growth of 4.5%.
For the full year and fourth quarter
, the increase in system-wide sales was driven by comparable sales of 9.3% and 11.3%
, respectively, including rest of the world comparable sales of 13.6% for the full year
and 19.4% for the fourth quarter and US comparable sales of 4.7% for the full year
and 1.8% for the fourth quarter, as well as a decrease in the impact of temporary closures of certain restaurants
related to the COVID-19 pandemic, and net restaurant growth of 3.3%.
For the full year and fourth quarter, the increase in system-wide sales was driven by net restaurant growth of 7.4%
, partially offset by a decrease in comparable sales of (0.4)% for the full year and fourth quarter, including a decrease in US comparable sales of (2.0)% and (1.8)%, for the full year and fourth quarter, respectively.José Cil, Chief Executive Officer of RBI
commented, "I'm proud of the strong performance our brands delivered as we closed out 2021. During the quarter, we saw sequential improvements in each brand and around the world, including notable growth at Tim Hortons Canada and Burger King U.S.
Cil continued, "Two areas of particular strength across our business have been in digital sales and restaurant growth
. Our digital investments have been embraced by our guests, with global digital sales reaching $10 billion in 2021
, up from $6 billion in 2020
and now representing about 30% of our global system-wide sales
. In addition, our strong global network of franchisees and our development team opened over 1,200 net new restaurants
, representing the highest levels of restaurant growth at Tim Hortons and Popeyes in recent history.
"Our growth throughout 2021 resulted in strong free cash flow
us to make important investments
in our business while returning over $1.5 billion of capital to shareholders and acquiring a new restaurant brand in Firehouse Subs
. I am excited for what lies ahead for our family of four iconic brands and am confident in the strength of our team, our franchisees and our strategies to drive long-term growth and value creation," concluded Cil.
Smaller Impact of COVID in 2021
While the impact of COVID-19 on system-wide sales growth, system-wide sales, comparable sales and net restaurant growth was significant for the three and twelve months ended December 31, 2020, RBI informs that, in the 2021 periods these metrics were affected to a lesser extent, with variations among brands and regions.
During 2020 and 2021, substantially all TH, BK and PLK restaurants remained open, some with limited operations, such as drive-thru, takeout and delivery (where applicable), reduced, if any, dine-in capacity, and/or restrictions on hours of operation.
With the pandemic affecting consumer behavior, the importance of digital sales, including delivery, has grown, states the company. “We expect to continue to support enhancements of our digital and marketing capabilities. While we do not know the full future impact COVID-19 will have on our business, we expect to see a continued impact from COVID-19 on our results in 2022.”
- System-wide Sales Growth of 13.8%
- Net Restaurant Growth of 4.5%
- Diluted EPS of $2.69 versus $1.60 in prior year
- Adjusted Diluted EPS of $2.82 versus $2.03 in prior year
- Net Income Attributable to Common Shareholders and Noncontrolling Interests of $1,249 million versus $748 million in prior year
- Adjusted EBITDA of $2,248 million increased 17.1% organically versus the prior year
- Net Cash Provided by Operating Activities of $1,726 million and Free Cash Flow of $1,620 million
- Returned $1,525 million of capital to shareholders through Dividends and open market Share Repurchases
- Acquired Firehouse Subs on December 15, 2021
About Restaurant Brands International Inc.
Restaurant Brands International Inc. (RBI) is one of the world's largest quick service restaurant companies with approximately $35 billion in annual system-wide sales and over 29,000 restaurants in more than 100 countries. RBI owns four quick service restaurant brands – TIM HORTONS, BURGER KING, POPEYES, and FIREHOUSE SUBS.