Burger King's (US) Parent Targets for More Global Growth
13 Feb 2019 - By Kimberly Chin WSJ Mon., Feb. 11, 2019 Restaurant Brands International Inc., the parent of Burger King, Tim Hortons and Popeyes Louisiana Kitchen, is marching ahead on expanding the international presence of all three brands as it scouts for sales growth.With slowing sales growth in the U.S. for Burger King and Popeyes and flat growth for Tim Hortons in Canada, the Toronto-based company has worked to open up restaurants or form partnerships with local franchisees across Asia, Latin America and Europe. Burger King’s net restaurant count globally rose by more than 1,000 last year, giving it a second year of more than 6% growth. Burger King accounts for nearly 70% of the company’s restaurants. “We’re still severely underpenetrated and have tons of white space to grow in most markets around the world, including right here in the U.S.,” Chief Executive José Cil said Monday on an earnings call, referring to Burger King. Systemwide sales—which includes sales from company-owned restaurants and franchisees—rose 7.4% in 2018, slightly lower than the 7.9% growth in 2017. Comparable sales rose across all three of the company’s brands last year, with Tim Hortons and Popeyes showing growth compared with declines the prior year. Article Continued Below Restaurant Brands’s location count rose 5.5% from a year earlier. The company closed its purchase of Popeyes nearly two years ago.
Business Breaking News