TORONTO, Canada – Restaurant Brands International Inc. – the parent company of Tim Hortons – yesterday reported financial results for the third quarter ended September 30, 2024. Josh Kobza, Chief Executive Officer of RBI commented, “Our results demonstrate the resilience of our business and the dedication of our teams and franchisees.
We remain focused on providing great value for guests, improving franchisee profitability, and investing in our brands for the long-term.
We have been pleased to see an improvement in consolidated comparable sales in October and remain confident we will achieve our 8% plus Adjusted Operating Income growth target for 2024 and beyond.”
Third Quarter 2024 Highlights:
- Consolidated comparable sales were 0.3% and net restaurants grew 3.8% versus the prior year
- System-wide sales increased 3.2% year-over-year
- Income from Operations of $577 million versus $582 million in the prior year
- Adjusted Operating Income of $652 million increased 6.1% organically (excluding FX and RH) versus the prior year
- Diluted EPS of $0.79 was consistent with the prior year
- Adjusted Diluted EPS of $0.93 increased 4.6% organically (excluding FX and RH) versus the prior year
Long-Term Guidance
RBI hosted an investor event on February 15, 2024 and announced the following long-term consolidated performance that the Company continues to expect to achieve, on average, from 2024 to 2028:
- 3%+ Comparable Sales;
- 5%+ Net Restaurant Growth;
- 8%+ System-wide Sales growth; and
- Adjusted Operating Income growth at least as fast as system-wide sales growth.
