TORONTO, Canada – Restaurant Brands International Inc. (RBI) yesterday reported financial results for the first quarter ended March 31, 2022. First quarter system-wide sales grew 14% year-over-year, up nearly $1 billion year-over-year. Global comparable sales growth of 8% driven by over 10% at Tim Hortons Canada and over 20% at Burger King International
Home market digital sales reach their highest levels ever as a percentage of system-wide sales.
Record number of first quarter restaurant openings, led by multi-brand international growth and Popeyes in the US
Over $400 million of capital returned to shareholders in Q1 through dividends and share buybacks
José Cil, Chief Executive Officer of Restaurant Brands International Inc. (“RBI”) commented, “Our first quarter results reflect the hard work of our great franchisees, team members, and employees with important milestones including a strong resurgence in comparable sales, record first quarter new restaurant openings, and the highest level of digital engagement we have seen from guests across our home markets.
This progress allowed us to continue investing behind our key priorities, while also returning over $400 million to shareholders between dividends and share repurchases.”
“Tim Hortons Canada and Burger King International had standout sales performances, both with double digit comparable sales growth during the first quarter, while Burger King U.S. continued to lay the foundation to return to long term, sustainable growth. In addition, our strong start to the year in new restaurant openings and the progress we’ve made in ramping our global development capabilities at Tim Hortons and Popeyes gives us confidence that we are on track to accelerate unit growth in 2022.”
Cil continued, “With home market digital sales reaching their highest levels ever, we’re pleased with the investments we’ve made to allow our guests to engage with our brands in more convenient and personal ways – whether it’s at the front counter, in the drive-thru, or ahead of time through mobile ordering.
We believe we’re well positioned to continue our momentum from the first quarter, with experienced leaders guiding our brands and collaborating with our amazing franchisee networks to grow all four of our brands over the long-term.” concluded Cil.
