Burger King owner Restaurant Brands posts fourth quarter results, names new CEO

Restaurant Brands International, which owns brands like Burger King, Popeyes, Firehouse Subs and Tim Hortons, posted strong fourth quarter results on Tuesday, 14 February. The company declared net income of $336 million, or 74 cents per share, a sharp rise from $262 million, or 57 cents the previous year. Quarterly revenue stood at $1.69 billion, marking a year-over-year increase of 9 per cent. While the company did miss a bit as far earnings are concerned, it performed better in terms of revenue than what analysts estimated. The organisation recorded overall same-store sales growth of 8 per cent during the fourth quarter as well as systemwide sales growth of almost 12 percent. It also announced that Chief Operating Officer Joshua Kobza will replace José Cil as the firm’s new chief executive from 1 March. According to a report by CNBC, Cil will stay on with Restaurant Brands as an advisor for a period of one year to help with the transition. “Over the past several years, the Board of Directors has worked with management to build a thoughtful succession plan for key positions, so this is a natural transition for Josh to lead our next phase of growth,” Restaurant Brands chairman Patrick Doyle stated in an announcement. Kobza has not yet put out his official priorities as the new CEO of Restaurant Brands, but in an interview to CNBC he revealed that the company will focus on growing “a lot faster in international markets” and giving “more autonomy” to the company’s brands to invest in new areas as they see fit. The changes come as Restaurant Brands is working to revive and expand some of its key companies such as Burger King. The organisation has not been immune to rising costs, the Russia-Ukraine war and COVID-related losses. Burger King recorded same-sales growth of 8.4 per cent in the previous quarter. Sales were up by 5 per cent in the United States. Domestic sales for the brand have sagged in the past few months as some franchisees struggle to stay open. Restaurant Brands has been working to revive Burger King’s domestic sales and announced a $400 million investment plan for the same in September. As for other companies owned by Restaurant Brands International, Tim Horton’s same-store sales grew by 9.4 per cent. The chain has been eyeing international expansion. Furthermore, Popeye’s registered 3.8 per cent same-store sales growth. Firehouse Subs saw same-store sales increase 0.4 per cent. Read all the Latest News , Trending News , Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.