Owners of Burger King, Tim Hortons sales up 11% in Q3 2021
The owners of Burger King, Tim Hortons and Popeyes, Restaurant Brands International have announced financial results for the third quarter ending Sept. 30, 2021.
As per the statement, global system-wide sales grew 11% year-over-year and accelerated sequentially to 5% compared to 2019.
Meanwhile, sales at its largest QSR chain Burger King grew 25% year-over-year and 10% compared to 2019.
“Our results this quarter reflect the value of having a diversified business model across three brands and in over 100 countries. Overall, we saw a continued acceleration in system-wide-sales growth relative to 2019, reflecting improvements in the Tim Hortons Canada business as well as strength across each of our brand's international businesses,” shared José Cil, Chief Executive Officer of Restaurant Brands International Inc by adding that their strong restaurant growth this year and exciting development pipeline keep them on track to return to pre-pandemic unit growth levels this year and well positioned to accelerate in 2022 as they continue on their path to 40,000 restaurants around the world.
Cil continued, "Our highly efficient business model once again generated strong free cash flow, enabling us to continue investing in our business while also enhancing shareholder returns through both our dividend and recently expanded $1 billion share repurchase program. During the quarter, we returned over $425 million of capital to shareholders, including repurchasing just over $180 million of common stock, reflecting the confidence we have in our long-term outlook and the intrinsic value of our scalable business."
The brand also announced its commitment to reduce greenhouse gas emissions 50% by 2030 and reach net zero emissions by 2050 or sooner.
“Our big goal is to drive business growth without carbon growth. I'm so proud of the team's work to set ambitious goals to reduce our carbon footprint in the world. We have exciting and important sustainability projects underway across the company, in green building standards, packaging, recycling, growing our charitable Foundations and doing the hard work with our suppliers and franchisees to improve the environmental footprint we have in the world,” he added.
Restaurant Brands International Inc. is one of the world's largest quick service restaurant companies with approximately $34 billion in annual system-wide sales and over 27,000 restaurants in more than 100 countries.