Restaurant Brands Int’l Makes Over 94 Pct Of Prior-Year Sales
Restaurant Brands International Inc. (RBI) reported on Tuesday (Oct. 27) that it made more than 94 percent of prior-year system-wide sales in Q3, with more than 96 percent of restaurants open worldwide as of September, according to an announcement.
“Despite our continued near-term focus on confronting the challenges presented by this global health crisis, we continue to make progress behind our long-term vision for the business, including modernizing our brands by leveraging the technology capabilities we’ve built in recent years,” CEO Jose Cil said in the announcement.
Cil also said the company was excited to bring digital drive-thru menu boards to more than 10,000 Burger King and Tim Hortons locations in the U.S. and Canada, and most of them will be installed by the conclusion of 2021.
The company’s board of directors declared a dividend of 52 cents per common share and “partnership exchangeable unit of Restaurant Brands International Limited Partnership” for Q4. The dividend will be payable on Jan. 5 of next year to shareholders and unitholders of record as of close of business on Dec. 21.
Restaurant Brands International, which is the owner of Tim Hortons, Burger King and Popeyes, says it’s one of the biggest quick-service restaurant (QSR) firms globally, with roughly $31 billion in yearly system-wide sales and 27,000 eateries in over 100 nations and U.S. territories.
RBI reported adjusted diluted earnings per share of 68 cents on $1.34 billion in total revenue for Q3.
In May, news surfaced that RBI was taking measures to build consumers’ confidence. Cil wrote in an open letter at the time that governments and health authorities were revealing reopening plans and that “everyone is feeling the responsibility of getting it right as the world reopens for business.” Cil said the firm was providing contactless service, had installed acrylic barriers at most of its locations, and was following a “safe distance” policy in its dining rooms.