Restaurant Brands International sales rise to $1.8bn in Q3

Restaurant Brands International (RBI), the company behind Burger King, Popeyes, Tim Hortons and Firehouse Subs, has seen revenues rise to $1.83bn (£1.47bn) in Q3, up from $1.72bn (£1.38bn). 

This result was primarily driven by increases in system-wide sales in all of its segments, according to the group.

For the period ended on 30 September, EBITDA for the group increased by 9.3% to $698m (£561m), up from $642m (£516m) in Q3 2022.

Net income was $364m (£293m) in the quarter, down from $530m (£426m) reported the previous year.

During the period RBI recorded a year-on-year increase of 10.9% in sales of $11.2bn (£9bn), up from $10.1bn (£8.1bn) the previous year. The Burger King (BK) segment saw a 10.3% increase to $7bn (£5.6bn) from $6.3bn (£5bn) in Q3 2022, followed by Tim Hortons (TH) with a 9.7% increase to $2bn (£1.6bn) from $1.9bn (£1.5bn) a year previously.

Firehouse Subs, which was acquired by RBI in 2021, reported 6.9% system-wide sales growth to $308m (£247m) in Q3 2023.

Across all the segments, comparable sales grew 7% while net restaurants increased 4.2% compared with the previous year’s third quarter.

Josh Kobza, chief executive officer of RBI said: “I am proud of the strength we’re seeing across our brands due to the efforts of our franchisees and our teams which helped drive another quarter of double-digit system-wide sales growth and home market franchise 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.”