Q1 2025 Restaurant Brands International Inc Earnings Call Transcript
Key Points
- Restaurant Brands International Inc (QSR) reported a system-wide sales growth of 2.8% and organic adjusted operating income growth of 2.6% in Q1 2025.
- Tim Hortons Canada showed resilience with flat comparable sales, supported by innovative promotions and operational improvements.
- The international segment delivered 2.6% comparable sales growth, with strong performances in key markets like the UK, Germany, Brazil, Japan, and Australia.
- Burger King US outperformed the broader burger QSR category, driven by operational improvements and strategic marketing initiatives.
- Popeyes is focusing on operational consistency and modernizing its restaurant base, with plans to roll out easy-to-run kitchen upgrades and remodels.
- Q1 2025 was anticipated to be the softest quarter of the year, with macroeconomic pressures contributing to a slower start.
- Burger King US saw a 1.1% decrease in comparable sales, highlighting ongoing challenges in the market.
- Popeyes US and Canada experienced a 4% decline in comparable sales, attributed to the absence of a Super Bowl ad and increased competition.
- The company is facing a $19 million year-over-year headwind due to the loss of royalties and fees from Burger King China, which is now classified as held for sale.
- Restaurant Brands International Inc (QSR) revised its net restaurant growth expectations for 2025, primarily due to challenges in the Burger King China segment.
Good morning and welcome to the Restaurant Brands International first-quarter 2025 earnings conference call. All participants will be in listen-only mode. (Operator Instructions) Please note this event is being recorded. I'd now like to turn the conference over to Kendall Peck, RBI's, Head of Investor Relations. Please go ahead.
Thank you, operator. Good morning, everyone, and welcome to Restaurant Brands International's earnings call for the first quarter ended March 31, 2025. Joining me on the call today are Restaurant Brands International's Executive Chairman, Patrick Doyle; CEO Josh Kobza; and CFO Sami Siddiqui. Following remarks from Josh, Sami, and Patrick, we will open the call to questions.
Today's discussion may include forward-looking statements, which are subject to risks detailed in the press release issued this morning and in our SEC filings. We will also reference non-gap financial measures, reconciliations of which are available in the press release and
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