The Burger King brand is displayed at a Burger King quick meals restaurant on January 17, 2024 in Burbank, California.
Mario Tama | Getty Photos
Restaurant Manufacturers Worldwide on Wednesday reported same-store gross sales development of two.5%, fueled by the better-than-expected efficiency from Burger King’s and Popeyes’ eating places.
Shares of the corporate rose roughly 3% in premarket buying and selling.
Here is what the corporate reported:
- Earnings per share: 81 cents adjusted. That won’t evaluate with the 79 cents anticipated by LSEG.
- Income: $2.3 billion. That won’t evaluate with the $2.27 billion anticipated by LSEG.
The restaurant firm reported fourth-quarter web revenue of $361 million, or 79 cents per share, down from $726 million, or $1.60 per share, a 12 months earlier.
Excluding company restructuring charges and different objects, Restaurant Manufacturers earned 81 cents per share.
Web gross sales climbed 26% to $2.3 billion, fueled largely by its acquisitions of its largest U.S. Burger King franchisee and Popeyes China, each which occurred final 12 months.
Nonetheless, the corporate noticed better-than-expected gross sales throughout all of its segments in the course of the quarter.
Burger King reported U.S. same-store gross sales development of 1.5%, beating StreetAccount estimates of 0.8%. The burger chain has been in turnaround mode for greater than a 12 months.
Popeyes’ U.S. same-store gross sales ticked up 0.1%, reversing final quarter’s declines.
And Tim Hortons reported home same-store gross sales development of two.5%. The Canadian espresso chain accounts for greater than 40% of Restaurant Manufacturers’ quarterly income.
Restaurant Manufacturers’ worldwide eating places noticed same-store gross sales development of 4.7%, beating StreetAccount estimates of two.7%. The corporate credited its Burger King and Popeyes areas for fueling larger gross sales.
The corporate additionally elevated its footprint by 3.4%, including 1,055 new eating places from the identical interval a 12 months in the past.
Seeking to 2025, Restaurant Manufacturers plans to spend between $400 million and $450 million on consolidated capital expenditures, tenant inducements and different incentives.