Restaurant Brands International Inc. has reported system-wide sales growth of 14% for the first quarter of 2022, with Tim Hortons cited as a standout sales performer
RBI has highlighted Tim Hortons as a standout performer in its first quarter | Photo credit: RBI
Restaurant Brands International (RBI) has reported system-wide sales growth of 14% for the first quarter of 2022, with Tim Hortons sales growth deemed a driving factor behind the positive performance.
Canadian coffee chain Tim Hortons recorded system-wide sales growth of eight percent during 2021, with the impact of Covid-19 more modest than in the previous year, when system-wide sales growth sat at five percent.
RBI, which also operates the Burger King, Popeyes and Firehouse Subs fast-food chains, has reported revenue totalling $1.45bn, up from $1.26bn on the same period last year. The company reported its net income, attributable to common shareholders, totalled $183m in its first quarter, up from $179m in 2021.
The number of Tim Hortons stores has also increased in the first three months of the year, to 5,320, representing 6.7% net outlet growth.
"Tim Hortons Canada and Burger King International had standout sales performances, both with double digit comparable sales growth during the first quarter, while Burger King U.S. continued to lay the foundation to return to long term, sustainable growth. In addition, our strong start to the year in new restaurant openings and the progress we've made in ramping our global development capabilities at Tim Hortons and Popeyes gives us confidence that we are on track to accelerate unit growth in 2022,” said José Cil, CEO, Restaurant Brands International.
Tim Hortons recently detailed plans to enter the Indian market
, where it hopes to open more than 250 stores over the next five years, and has also outlined plans to accelerate its growth in the UK
. The company currently has over 5,100 restaurants across 13 countries, including in the United States, Mexico, Spain, the UK, across the Middle East, China, Thailand and the Philippines.
A company statement has signalled expectations for continued momentum from the first quarter but also cites rising inflation and the war in Ukraine as potential headwinds in 2022.