Burger King proprietor restaurant brands publishes fourth solid quarter, names the recent CEO

February 15, 2023: -Restaurant Brands International posted a solid fourth quarter on Tuesday and named Chief Operating Officer Joshua Kobza as its recent chief executive, effective March 1, coming in place of José Cil.

“Over the past many years, the Board of Directors is working with management to build a new succession plan for key positions, so this is a natural transfer for Josh to lead our in the coming growth phase,” Chairman Patrick Doyle stated Tuesday’s announcement.

Cil will stay with the firm for a year as an advisor to support the transition.

The leadership change comes as the firm works to revive and expand some of its essential restaurants. Restaurant Brands houses Burger King, Tim Hortons, Popeyes and Firehouse Subs.

The group has been working to rejuvenate Burger King’s domestic sales. In September, a $400 million investment plan was announced to boost Burger King’s advertising campaigns and renovate the chain’s restaurant locations.

In the fourth quarter, the firm stated it had funded $30 million of that turning-around plan. The firm anticipates reaping the benefits of the turnaround in 2025.

Tim Horton’s similar-store sales grew by 9.4% during the period. In Canada, same-store sales for the coffee brand increased by 11%. The chain has been expanding internationally, especially eyeing Texas and Florida to target Canadians travelling to warmer climates for the winter.

Popeyes saw same-store sales increase by 3.8%. The chain, which experienced a spike in sales with the year 2019 debut of its chicken sandwich, has since stabilized and experienced just 1.5% growth in the U.S.

Restaurant Brands further stated Firehouse Subs to its portfolio in 2021. That chain saw a 0.4% same-store sales increase during the period.

Restaurant Brands has been resistant to rising costs and losses worldwide in China and Russia. The firm said it took less of a hit from Covid-related disruptions in the fourth quarter. However, it noted that it had to temporarily close a few of its restaurants in markets like China that experienced a resurgence.

It also stated that it did not generate any recent profits from Russia in 2022 and does not anticipate any in 2023. The company in the previous year discontinued corporate support for a significant Burger King franchise century in light of Russia’s invasion of Ukraine.

Covid and the war in Ukraine have made a tough macroenvironment for the group because of the foreign exchange headwinds and climbing interest rates. Restaurant Brands expects an “adverse impact on our firms” if it cannot adjust costs to compensate for higher prices.

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Burger King proprietor restaurant brands publishes fourth solid quarter, names the recent CEO
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Burger King proprietor restaurant brands publishes fourth solid quarter, names the recent CEO
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