Restaurant Brands International reports third-quarter 2020 results

Restaurant Brands International Inc. reports generating more than 94 per cent of prior-year system-wide sales in the third quarter of 2020 with more than 96 per cent of its restaurants, which include Tim Hortons, Burger King and Popeyes, open worldwide as of September.

RBI’s third-quarter report included the following points:

• The decrease in system-wide sales was primarily driven by comparable sales of -12.5 per cent, including Canada comparable sales of -13.7 per cent, as well as the temporary closure of certain restaurants related to the COVID-19 pandemic, partially offset by net restaurant growth of 1.0 per cent.
• The year-over-year change in total revenues – down to $1,337 million US from $1,458 in 2019 – was primarily driven by a decline in system-wide sales at Tim Hortons and Burger King and a decrease in supply chain sales, partially offset by an increase in system-wide sales at Popeyes.
• Significant sequential increase in cash flow from operations to over $400 million during the third quarter.
• Installation of digital menu boards to transform over 10,000 drive-thrus across Canada and the United States by mid-2022.
• Progress behind initiatives in product quality, digital and development positions brands for long-term growth.

Read the full report.