OAKVILLE, Ontario — A push to open more Burger King, Tim Hortons and Popeyes restaurants around the world contributed to strong profitability and revenue growth for parent company Restaurant Brands International Inc. in the recent quarter. Accelerated restaurant expansion has been a key part of the company’s strategy in a competitive fast-food environment.
Net income attributable to common shareholders of Restaurant Brands International for the second quarter ended June 30 was $169.1 million, equal to $0.68 per share on the common stock, up from $89.5 million, or $0.38, in the prior-year period. Revenues of $1,144.3 million were up 1 percent from $1,132.7 million last year.
The company adopted a new revenue recognition accounting standard on Jan. 1. The results reflect the previous accounting standards for comparability purposes.
“At Tim Hortons, systemwide sales grew by just over 2 percent, driven by net restaurant growth of 3 percent and flat comparable sales,” said Daniel S. Schwartz, chief executive officer of Restaurant Brands International, during an Aug. 1 earnings call. “Similar to our results from last quarter, this quarter’s results reflect slightly positive comparable sales in Canada, offset by softness in the US.
“At Burger King, we achieved systemwide sales growth of over 8 percent, reflecting net restaurant growth of over 6 percent and comparable sales of 1.8 percent. Our global comparable sales this quarter reflect similar results in the US and internationally, with US comparable sales of 1.8 percent.
“At Popeyes, systemwide sales growth accelerated to roughly 11 percent, driven by net restaurant growth of nearly 8 percent and comparable sales of 2.9 percent. Our comparable sales reflect improved results in the US this year and a continuation of strong sales momentum in our international markets.
“We remained confident in our long-term strategies to drive sustainable comparable sales and profitability growth for all three of our iconic brands for many years to come.”
Initiatives underway include a new Breakfast Anytime campaign and the development of a new children’s menu at Tim Hortons restaurants. The company also is experimenting with delivery for its Popeyes Louisiana Kitchen brand.