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October 29, 2019updated 01 Nov 2021 7:03am

Restaurant Brands International’s net income increase in third-quarter

Restaurant Brands International (RBI) has reported a net income of $351m, or 75 cents per share, for the third quarter of 2019, up from $250m, or 53 cents per share, a year earlier.

Restaurant Brands International (RBI) has reported a net income of $351m, or 75 cents per share, for the third quarter of 2019, up from $250m, or 53 cents per share, a year earlier.

RBI owns three quick service restaurant brands Tim Hortons, Burger King, and Popeyes, which are independently operated brands.

Total revenues increased to $1.45bn in the quarter, from $1.37bn reported in the last year’s third quarter.

Burger King’s system-wide sales increased about 15% internationally for the quarter, registering highest quarterly comparable sales growth since 2015.

Popeyes achieved comparable sales growth of over 10% in the US, while Tim Hortons had a challenging quarter.

RBI said it refinanced existing $1.25bn 1st Lien Notes due 2022, generating significant interest savings.

As of 30 September 2019, the company’s total debt was $12.8bn, net debt (total debt less cash and cash equivalents of $1.7bn) was $11 bn.

RBI CEO Jose Cil said: “During the third quarter, we grew system-wide sales nearly 9% through a combination of strong global comparable sales growth and restaurant expansion.”

Last month, Burger King announced a new agreement to open restaurants in three Baltic states, Estonia, Latvia and Lithuania. The first Burger King restaurant in Tallinn is planned to be opened this winter and the first restaurants in Latvia and Lithuania are expected to be inaugurated in the first half of 2020.

Earlier this year, Popeyes signed a new agreement to develop and open more than 1,500 Popeyes restaurants in the People’s Republic of China over the next 10 years.

RBI has more than $33bn in system-wide sales and over 26,000 restaurants in more than 100 countries and US.

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