Restaurant Brands International announced early results yesterday. Ahead of the formal earnings call, the company wanted to get results to investors as well as update on the management team.
The announced financial results included:
- Same-restaurant growth
- 2.2% Canada and 1.9% global at Tim Hortons
- 0.8% U.S. and 1.7% global at Burger King
- (0.1%) U.S. and 0.1% global at Popeyes
- Net restaurant growth
- 2.1% at Tim Hortons
- 6.1% at Burger King
- 7.3% at Popeyes
Management promotions included:
- Daniel Schwartz, who has been the CEO of RBI since its formation in 2014, has been promoted to Executive Chairman of RBI and Co-Chairman of RBI’s board, and will also take a more active role as a Partner at 3G Capital
- Jose Cil, who has been the President of Burger King since 2014, has been promoted to CEO of RBI
- Josh Kobza has been promoted to COO of RBI following seven years as an executive in the business, including as CFO from 2013 through 2017 and as Chief Technology & Development Officer in 2018
- Today’s announced leadership changes are effective immediately.
In addition to the updates, the company announced its intent to provide a long-term financial road map for investors in May. Many investors have been weary of investing because of the lack of a long-term plan. It will be interesting to continue to watch the QSR story unfold.