Restaurant Brands International (RBI) has reported a net income of $364m for the third quarter of 2023, down by 31.3% from $530m a year previously.
For the reported quarter ended on 30 September 2023, net income attributable to common shareholders stood at $252m, a decline of 30% from $360m in the previous year’s Q3.
Basic and diluted earnings per common share in Q3 2023 were $0.80 and $0.79, as against $1.18 and $1.17 respectively in Q3 2022.
RBI’s total revenues in Q3 2023 rose 6.4% to $1.83bn from $1.72bn in the same quarter of the previous year.
Adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) were up by 9.3% on an organic basis to $698m from $642m in Q3 2022.
The company’s adjusted net income in Q3 2023 was $413m, versus $436m a year previously.
In Q3 2023, RBI recorded a year-on-year increase of 10.9% in consolidated system-wide sales of $11.22bn, up from $10.11bn in Q3 2022.
The highest increase in system-wide sales was reported in the Popeyes Louisiana Kitchen segment, up by 16.1% from $1.53bn in last year’s Q3 to $1.76bn.
The Burger King (BK) segment saw a 10.3% increase to $7.06bn from $6.34bn in Q3 2022, followed by Tim Hortons (TH) with a 9.7% increase to $2.08bn from $1.94bn a year previously.
Firehouse Subs, which was acquired by RBI in 2021, reported 6.9% system-wide sales growth to $308m in Q3 2023.
RBI’s consolidated comparable sales saw a 7.0% rise, primarily driven by TH Canada's comparable sales of 8.1%, 7.6% at BK International and 6.6% at BK US.
Net restaurants increased 4.2% compared with the previous year’s third quarter.
RBI CEO Josh Kobza stated: “I am proud of the strength we are seeing across our brands due to efforts of our franchisees and our teams which helped drive another quarter of double-digit system-wide sales growth and home market franchisee profitability growth.
“These results reflect our focus on enhancing operations, delivering great guest and team member experiences and providing great value with the best quality products in each of our brands’ respective categories. I am confident we are well positioned to enter 2024 with momentum.”
