Restaurant Brands International (TSX:QSR, NYSE:QSR) said it closed out 2022 with a strong fourth-quarter performance from its Burger King and Tim Hortons (TSX:THI) Canada chains of quick-service restaurants.
The company, which also owns the Popeyes Louisiana Kitchen (NASDAQ:PLKI) and Firehouse Subs chains, reported a 9.2% rise in 4Q revenue to $1.69 billion, beating the $1.67 billion expected by the Street. However, adjusted diluted earnings per share (EPS) of $0.72, down 2.7%, fell short of the figure pencilled in by analysts.
"We rounded out an exciting 2022 with another strong quarter, including nearly 8% consolidated comparable sales and 4% net restaurant growth, reflecting the strength of four iconic, global brands,” CEO José Cil said in a statement.
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Burger King grew its comparable sales by 8.4% over the three months to December 31, 2022, and by 9.7% for the full year. Tim Hortons (TSX:THI)' 4Q comparable sales jumped 9.4%, taking full-year sales growth to 10%.
After declining sales in 2021, Popeyes saw a turnaround to grow its 4Q sales by 3.8% and 2022 sales by 1.4%. Firehouse Subs, a more recent addition to RBI's portfolio, grew 4Q and FY22 sales by 0.4% and 0.6% respectively.
For the full-year 2022, total revenues rose 13% to $6.5 billion and adjusted diluted EPS came in 11% higher at $3.14.
“Popeyes delivered its strongest year of restaurant growth since we acquired the brand in 2017, reaching nearly 4,100 restaurants worldwide,” Cil added.
“Meanwhile Firehouse Subs wrapped up its first full year in the RBI family, making important progress to position the brand to accelerate development and digital growth in the years ahead.”
The company’s shares traded 3.8% down at $86.64 in early afternoon trade in New York.
Contact the author at stephen.gunnion@proactiveinvestors.com