Restaurant Brands International (QSR) Q2 2023 earnings

Restaurant Brands International on Tuesday reported double-digit same-store sales growth at Burger King and Tim Hortons for its second quarter.

Shares of the company were roughly unchanged in premarket trading.

Here’s what the company reported for the quarter ended June 30:

• Earnings per share: 85 cents adjusted. It was not clear if the number compared to the 77 cents per share expected by analysts surveyed by Refinitiv.
• Revenue: $1.78 billion. It was not clear if the figure compared to Wall Street estimates of $1.75 billion.

Restaurant Brands reported second-quarter net income of $351 million, or 77 cents per share, up from $346 million, or 76 cents per share, a year earlier.

Excluding items, the company earned 85 cents per share.

Net sales rose 8.3% to $1.78 billion. Restaurant Brands’ same-store sales climbed 9.6% in the quarter, driven by strong growth at Tim Hortons and Burger King.

Tim Hortons reported same-store sales growth of 11.4%, topping StreetAccount estimates of 6.5%. The coffee chain’s same-store sales climbed 12.5% in its Canadian home market.

Burger King’s same-store sales rose 10.2%, beating estimates of 5.3%. In the United States, where the company is trying to reinvigorate the brand, the burger chain’s same-store sales increased 8.3%.

Restaurant Brands spent $10 million on advertising for Burger King in the U.S. during the quarter. The company also invested $11 million in restaurant upgrades, including renovations. Restaurant Brands plans to spend $400 million on Burger King’s comeback in its home market over the course of the turnaround.

Popeyes saw same-store sales growth of 6.3%, topping expectations of 3.5%.

Firehouse Subs, the most recent addition to Restaurant Brands’ portfolio, reported same-store sales growth of 2.1%.