Restaurant Brands’ CEO on earnings: “I expect a lot more from Burger King”
- Restaurant Brands beats Wall Street estimates in the second quarter.
- The food company authorised $1 billion worth of share repurchase.
- Chief Executive Jose Cil discusses earnings on CNBC's "Closing Bell".
Restaurant Brands International Inc (NYSE: QSR) said on Friday its profit more than doubled in fiscal Q2. The fast-food holding company authorised $1 billion worth of share repurchase for the next two years. Shares of the Canadian-American multinational closed about 5% up on Friday.
RBI’s Q2 financial performance
Restaurant Brands reported $259 million of net income in the second quarter that translates to 77 cents per share (adjusted). In the same quarter last year, its net income was capped at a much lower $106 million or 35 cents per share.
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RBI generated $1.44 billion of revenue in the recent quarter versus the year-ago figure of $1.05 billion. According to Refinitiv, experts had forecast $1.36 billion of revenue and 61 cents of EPS.
Restaurant Brands noted an annualised growth of 60% in domestic digital sales. Other notable figures in the earnings report include a 27.6% year over year increase in Tim Hortons’ comparable sales, an 18.2% growth in Burger King’s same-store sales, and a close to 1.0% decline in Popeyes comparable sales.
CEO Jose Cil’s remarks on CNBC’s “Closing Bell”
Despite Popeyes being the only brand to see a decline in sales, it was Burger King that CEO Jose Cil expects more from. On CNBC’s “Closing Bell”, he said:
“I do expect a lot more from Burger King. I see an opportunity to go faster, to accelerate our growth. Our teams are driving a good plan to hit the big objectives in terms of menu, expanding our breakfast offering, growing our digital business, and continuing to invest in our restaurants.”
Cil, who has previously served as the president of Burger King, said Q2 marked RBI’s strongest quarter in a long time. The earnings report comes nearly two months after Burger King launched a new chicken sandwich.