TORONTO — Restaurant Brands International Inc. (RBI), owner of Tim Hortons, Burger King and Popeyes brands, has released its financial results for the third quarter ended Sept. 30, 2021.
With regard to Tim Hortons segment results, the increase in systemwide sales was mostly driven by comparable sales of 8.9 per cent, including Canada comparable sales of 9.5 per cent. The net restaurant growth sits at 4.1 per cent.
Moreover, system-wide sales growth was 11.1 per cent, compared to 13.7 per cent in 2020. Tim Hortons adjusted EBITDA includes $3 million and $2 million of cash distributions received from equity method investments for three months ended Sept. 30, 2021 and 2020.
Next, Burger King’s increase in system-wide sales was driven by comparable sales of 7.9 per cent, including comparable sales in the rest of the world of 16. 2 per cent, and a decrease in U.S. comparable sales of 1.6 per cent. Its net restaurant growth is 1.3 per cent. Specifically, system wide sales were $6,212 million in 2021, and increase of 12.3 per cent compared to 7.9 per cent in 2020.
Finally, Popeyes’ increase in system-wide sales growth was driven by net restaurant growth of 5.5 per cent. Comparable sales were partially offset by 2.4 per cent, including a decrease in U.S. comparable sales of 4.5 per cent.
The year-over-year increase in total revenues on an organic basis was mostly driven by an increase in system-wide sales in all brands. Global system-wide sales grew 11 per cent (YOY), marking a five per cent increase compared to 2019. Fortunately, the segments saw a decrease in the impact of temporary closures of certain restaurants related to COVID-19.
RBI also returned more than $425 million of capital to shareholders through dividends and share buybacks and announced its commitment to reduce greenhouse gas emissions by 50 per cent by 2030 and reach net zero emissions by 2050 or sooner.
“Our results this quarter reflect the value of having a diversified business model across three brands and in over 100 countries. Overall, we saw a continued acceleration in system-wide-sales growth relative to 2019, reflecting improvements in the Tim Hortons Canada business as well as strength across each of our brand’s international businesses,” says José Cil, CEO of RBI Inc. “Our strong restaurant growth this year and exciting development pipeline keep us on track to return to pre-pandemic unit growth levels this year and well positioned to accelerate in 2022 as we continue on our path to 40,000 restaurants around the world. This quarter, we also took important steps to focus our attention on the most significant opportunities at Burger King U.S. to drive long-term, sustainable growth in the business.”