Restaurant Brands International (TSX:QSR, NYSE:QSR) Inc (RBI) has reported significant sales growth across its franchises for 1Q 2022 driven by standout performances by Tim Hortons (TSX:THI) Canada and Burger King International and a first quarter record number of new restaurant openings.
Comparable global sales at Tim Hortons (TSX:THI) increased 8.4% for 1Q 2022, compared to a 2.3% contraction for the same period in 2021, while Burger King saw global sales jump a reported 10.3%, compared to 0.7% for the same quarter last year.
For the three months ending on March 31, 2022, RBI reported revenue of $1.45 billion, up from $1.26 billion for the same period in 2021, topping analyst expectations of $1.41 billion.
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It also reported an adjusted net income of $295 million or $0.64 per share for 1Q, compared to $257 million or $0.55 per share for the same quarter in 2021. Again, the company outperformed analyst expectations of $0.61 earnings per share.
Net restaurant growth across the fourm segments was 4.4% for 1Q, compared to 0.2% for the same period last year.
RIB reported operating 29,576 restaurants as of March 31, 2022, compared to 27,173 at the end of 1Q 2021, with the company's network of restaurants bolstered by its acquisition of Firehouse Subs in December 2021.
RBI CEO José Cil attributed the company’s results to a strong resurgence in comparable sales, record first quarter new restaurant openings, and a high level of digital engagement by consumers.
“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 (TSX:THI) and Popeyes gives us confidence that we are on track to accelerate unit growth in 2022,” Cil said.
Following the release of its earnings, at noon RBI stock was trading at about $56.20 per share, down about 1.3%.
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