Burger King franchisee Carrols reported that free cash flow stood at $33.9m for Q3. Credit: James R. Martin/shutterstock.com.

US-based Burger King franchisee Carrols Restaurant Group has reported a net income of $12.61m for the third quarter (Q3) of 2023, compared to a net loss of $8.69m last year.

For the quarter ended 1 October 2023, total restaurant sales were $475.76m, an increase of 7.2% compared to $443.96m a year ago.

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Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to $41.9m from $17.7m in Q3 2022.

The company said that comparable restaurant sales for its Burger King restaurants jumped 8.1% versus 4.9% last year.

Comparable restaurant sales for the company’s Popeyes restaurants increased by 11.7% compared to a rise of 6.5% in the same period of last year.

Carrols president and CEO Deborah Derby said: “We are pleased to report yet another quarter of exceptional performance for Carrols, demonstrated by strong comparable sales growth at our Burger King and Popeyes restaurants, along with a 74% increase in our restaurant-level profitability.

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“We were thrilled to achieve positive traffic growth at our Burger King restaurants earlier than anticipated, with great traction on recent product launches, such as the BK Royal Crispy Wraps, which significantly outperformed expectations in the third quarter. Equally important, we delivered continued improvement in our speed of service and guest satisfaction scores, as our team members worked hard to provide our guests with an excellent experience in our restaurants.”

Furthermore, free cash flow for the quarter stood at $33.9m.

Derby added: “During the quarter, we generated free cash flow of over $30m, driving a reduction in our total net leverage ratio to 2.8 times.”