Restaurant Brands Int’l reports Q1 results
By Bakers Journal
By Bakers Journal
April 27, 2015, Oakville, Ont. — Restaurant Brands International Inc. today reported financial results for the first quarter ended March 31, 2015.
Daniel Schwartz, chief executive officer of Restaurant Brands International (RBI), commented, “We are off to a strong start in 2015, having achieved one of our best quarters of comparable sales growth in years for both of our iconic brands, TIM HORTONS and BURGER KING. We continue to execute on brand-specific strategies across marketing, operations and development. We have established a solid foundation in our first full quarter as RBI and will look to build on this momentum throughout the rest of the year.”
First Quarter 2015 Highlights:
- Tim Hortons (TH) comparable sales increased 5.3 per cent and Burger King (BK) comparable sales increased 4.6%
- TH delivered 53 net restaurant growth (“NRG”) and BK delivered NRG of 15
- System-wide sales grew 8.1 per cent at TH and 9.6 per cent at BK in constant currency
- RBI Adjusted EBITDA was up 18.1 per cent on an organic basis to $354.6 million versus the prior year pro forma amount
- RBI Adjusted Diluted EPS of $0.18 per share
- RBI declared a dividend of $0.10 per common share and partnership exchangeable unit of RBI LP for the second quarter of 2015
System-wide sales at Tim Hortons grew 8.1 per cent in the first quarter, primarily as a result of comparable sales growth and NRG for the trailing twelve month period. The company achieved 53 net new restaurants for the quarter and an NRG of 200 for the trailing 12-month period. Tim Hortons comparable sales growth of 5.3 per cent for the quarter was up approximately 370bps versus the prior year, with first quarter comparable sales growth of 4.9 per cent and 8.9 per cent for Tim Hortons Canada and U.S. markets, respectively.
Tim Hortons total revenues of $682.4 million declined (1.2 per cent) compared to the prior year pro forma revenues due to FX headwinds. On an organic basis, excluding the impact of these currency movements, Tim Hortons total revenues increased 11.0 per cent from the prior year pro forma results. Compared to the pro forma results for the first quarter of 2014, Tim Hortons adjusted EBITDA of $183.9 million for the first quarter of 2015 grew 19.8 per cent on an organic basis.