Restaurant Brands International | First Quarter 2022

System-wide sales nearly $1 billion up

Tim Hortons in Toronto, Canada. Same-store-sales of the brand drove the group's strong results in the first quarter.
IMAGO / Buzzi
Tim Hortons in Toronto, Canada. Same-store-sales of the brand drove the group's strong results in the first quarter.

Restaurant Brands International Inc. has reported financial results for the first quarter ended March 31, 2022. The company report global comparable sales growth of 8%, led by over 10% at Tim Hortons Canada and over 20% at Burger King International. During the first quarter home market digital sales reached their highest levels ever as a percentage of system-wide sales. 

José Cil, Chief Executive Officer of Restaurant Brands International Inc. (RBI) commented, "Our first quarter results reflect the hard work of our great franchisees, team members, and employees with important milestones including a strong resurgence in comparable sales, record first quarter new restaurant openings, and the highest level of digital engagement we have seen from guests across our home markets. This progress allowed us to continue investing behind our key priorities, while also returning over $400 million to shareholders between dividends and share repurchases."
 
"Tim Hortons Canada and Burger King International had standout sales performances, both with double digit comparable sales growth during the first quarter, while Burger King U.S. continued to lay the foundation to return to long term, sustainable growth. In addition, our strong start to the year in new restaurant openings and the progress we've made in ramping our global development capabilities at Tim Hortons and Popeyes gives us confidence that we are on track to accelerate unit growth in 2022."
 
 
Commencing upon the acquisition of Firehouse Subs in December 2021, the company four operating segments: Tim Hortons (TH), Burger King (BK), Popeyes Louisiana Kitchen (PLK) and Firehouse Subs (FHS).

First quarter growth at RBI

RBI


  

Covid-Impact weakens

The global crisis resulting from the spread of coronavirus ("COVID-19") impacted our global restaurant operations for the three months ended March 31, 2022 and 2021, though in 2022 the impact was more modest than in the prior year, the company states. During the three months ended March 31, 2022 and 2021, substantially all 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.
 

Unit Growth at RBI's brands

RBI

War in Ukraine

“We entered into a master franchise joint venture arrangement in Russia ten years ago, similar to our approach in a number of other global markets. We own a minority stake (15%) in the joint venture and none of the other owners have a majority share. During the first quarter, we shared a number of actions that we have taken to date as a result of the tragic events related to Russia's military invasion of Ukraine. We suspended all corporate support for the Russian market, including operations, marketing, and supply chain support in addition to refusing approvals for new investment and expansion.”, the statement continues.
 
According to RBI, the impact on the consolidated results are measurable, but not material. Burger King is the only brand with restaurants in Russia, and in 2021, these restaurants represented 2.0% of total system-wide sales, 2.9% of total restaurant count excluding Firehouse Subs, 4.5% of total net restaurant growth, 0.6% of total revenue, and 1.7% of Consolidated Adjusted EBITDA.
 
About Restaurant Brands International Inc.
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 over 29,000 restaurants in more than 100 countries. RBI owns four of the world's most prominent quick service restaurant brands – Tim Hortons, Burger King, Popeyes, and Firehouse Subs.

 

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