Multinational fast food company Restaurant Brands International (RBI) has reported net income attributable to common shareholders of $230m for the first quarter (Q1) of 2024, a 21.7% increase from $189m in the same period of 2023.
Diluted earnings per share were $0.72 in the first three months of 2024, compared with $0.61 in Q1 2023.
Go deeper with GlobalData
Revenues grew 9.4%, reaching $1.74bn in Q1 2024 from $1.6bn in the previous year.
Income from operations for the quarter ended 31 March 2024 stood at $544m, 21.7% higher than the $447m recorded in the previous year, while adjusted earnings before interest, taxes, depreciation, and amortisation rose 6.6%, up to $627m from $588m.
The company’s presence expanded with the consolidated restaurant count reaching 31,113 at the end of the March 2024 quarter, a 3.9% increase from 29,956 a year previously.
Consolidated comparable sales rose 4.6% year-on-year, while consolidated system-wide sales grew 8.1%.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataRestaurant Brands International CEO Josh Kobza said: “I am proud of the hard work our teams and franchisees are doing to deliver high-quality products, great service and a compelling value proposition for guests every day.
“Our results are a reflection of their efforts and the strong foundation we have built that sets us up to drive continued improvements in franchisee profitability and deliver our long-term outlook.”
RBI gave long-term guidance for 2024 to 2028, forecasting more than 3% growth in comparable sales, more than 5% net restaurant growth and more than 8% system-wide sales growth.
The company also announced an investment into its Burger King brand, with an additional $300m allocated to the Long-Term Royal Reset programme in the US.
This investment is part of the broader “Reclaim the Flame” strategy, which began with a $250m investment in September 2022 aimed at modernising Burger King restaurants, including installing technology and kitchen equipment upgrades.
The new Royal Reset 2.0 funding follows the January 2024 announcement of Burger King’s acquisition of Carrols Restaurant Group for $1bn.
The acquisition includes a remodelling plan for 600 Burger King restaurants, to update them to a modern image. RBI plans to refranchise nearly all of these locations to smaller, local operators between 2026 and 2030.
