Restaurant Brands International (RBI) has reported a net income attributable to shareholders of $508m, or $1.60 per share, for the fourth quarter of 2023.
This performance marks a notable rise from the $229m, or 74 cents per share, recorded in the same period of the previous year.
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Excluding specific items, the company’s earnings were 75 cents per share.
Net sales for the quarter saw an 8% increase, climbing to $1.82bn from $1.68bn the year previously.
RBI’s growth was driven by a significant uptick in comparable sales, system-wide sales and franchisee profitability.
The company’s comparable sales grew by 8.1%, while the number of net restaurants expanded by 3.9%.
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By GlobalDataThe system-wide sales surge of 12.2% was accompanied by a 7.5% increase in organic adjusted operating income.
The average profitability of home market franchisees soared by more than 30%. However, RBI’s international segment encountered headwinds in China and select Western European markets.
Quick service restaurant chain Tim Hortons, a key revenue driver for RBI, reported a same-store sales increase of 8.4% for the quarter.
Meanwhile, Burger King experienced a 6.3% growth in same-store sales. The US arm of Burger King, which is more than a year into a strategic turnaround plan, saw traffic growth, indicating positive momentum from initiatives such as restaurant remodelling and increased advertising spend.
Chicken chain Popeyes also contributed to RBI’s strong quarter with a 5.5% rise in same-store sales.
The period was marked by the launch of chicken wings as a permanent addition to the menu, further diversifying the restaurant’s offerings.
RBI CEO Josh Kobza said: “We are delivering better experiences for our guests, better profitability for our franchisees and are making the right long-term investments behind the growth of our brands.
“We have started 2024 with a foundation of strong operational performance and I’m thankful to all our teams, franchisees and their team members who work so hard to make us successful.”
At the close of 2023, RBI’s portfolio comprised more than 31,070 restaurants and included 4,525 Tim Hortons, 7,144 Burger Kings, 3,394 Popeyes, 1,265 Firehouse Subs and 14,742 other locations in its global division.
