Restaurant Brands International (RBI) has reported a net income of $351m for the second quarter (Q2) of 2023, up 1.44% compared with $346m a year ago.
The company attributed the year-over-year growth in net income primarily to an increase in segment income in all our segments.
For the quarter of 30 June 2023, the company’s total revenues were $1.77bn against $1.63bn in the same quarter a year ago.
The increase in total revenues is due to a system-wide sales increase in all its operating segments, which includes Tim Hortons, Burger King, Popeyes Louisiana Kitchen and Firehouse Subs.
RBI’s consolidated comparable sales rose by 9.6% and its net restaurants grew 4.1% against last year.
The company’s system-wide sales grew by 14% year-over-year in the latest quarter.
During the period under review, RBI reported adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of $665m, an increase of 10.3% compared to the prior year's quarter.
The company’s diluted EPS for the quarter was $0.77 versus $0.76 a year ago.
RBI CEO Josh Kobza said: “I am very proud of the continued performance of our teams and our franchisees who helped drive 14% growth in system-wide sales and another quarter of improved franchisee profitability.
“We are generating positive momentum and results behind each of our iconic brands by focusing on new menu innovations, supported by exceptional marketing and operations.
“I know the team is very motivated by the significant growth opportunities ahead of us in our home markets and around the world.”
