By Adriano Marchese


Restaurant Brands International first-quarter profit rises as revenue beats expectations.

The Canadian-American fast food holding company, which operates brands like Tim Hortons and Burger King, posted net income $328 million, or 72 cents a share, up from $277 million, or 61 cents a share, in the comparable quarter a year ago.

Adjusted earnings fell to 73 cents a share, beating analyst expectations which forecasted 72 cents a share, according to FactSet.

Total revenues rose to $1.74 billion from $1.59 billion, beating analyst forecasts of a rise to $1.69 billion.

System-wide sales and comparable sales have seen their rate of growth slow over the quarter, rising by 8.1% and 4.6%, respectively. A year earlier, system wide sales grew at a rate of 14.7% and comparable sales at 10.3%.

Of all its five operating segments, only Popeyes Louisiana Kitchen saw system-wide sales growth rise faster than the prior-year period, while its largest banners, Tim Hortons and Burger King, slowed.

Restaurant Brands also said that it plans to invest an additional $300 million to modernize its Burger King restaurants across the U.S.

The move is part of its Reclaim the Flame plan which was launched in 2022 with the aim of refreshing its restaurants and increase its marketing and media presence.


Write to Adriano Marchese at adriano.marchese@wsj.com


(END) Dow Jones Newswires

04-30-24 0717ET