Summary:
- Daniel Schwartz promoted to
Executive Chairman of RBI and Co-Chairman of RBI's Board of
Directors after serving as CFO and CEO over the past 8 years
- Jose Cil promoted to Chief
Executive Officer (CEO) of RBI, following 18 years with Burger
King
- Josh Kobza promoted to Chief
Operating Officer (COO) of RBI to oversee the global development,
technology and operational teams responsible for supporting the
growth of RBI's brands
- RBI pre-releases fourth quarter comparable sales: 2.2%
Canada and 1.9% global at Tim
Hortons; 0.8% U.S. and 1.7% global at Burger King; and (0.1%) U.S.
and 0.1% global at Popeyes
- RBI pre-releases fourth quarter net restaurant growth: 2.1% at
Tim Hortons; 6.1% at Burger King; and 7.3% at Popeyes
- Board approves Q1 2019 dividend increase to $0.50; targeting a 2019 dividend of $2.00 vs. $1.80 in
2018
- RBI to hold its first Investor Day Conference in New York City in May
2019 to provide more detail on its plans for long-term
growth and value creation
- RBI will host an investor conference call and webcast at
8:30 a.m. Eastern Time today -
Wednesday, January 23, 2019
TORONTO, Jan. 23, 2019 /PRNewswire/ - Restaurant Brands
International Inc. ("RBI" or the "Company") (TSX/NYSE:QSR, TSX:QSP)
today announced three leadership promotions that strengthen the
Company's focus on accelerating its global growth. In addition, the
Company pre-released comparable sales and net restaurant growth
results, demonstrating the continued growth and
performance in these key operational metrics.
Reflecting its confidence in the long-term outlook for the
Company, the RBI Board of Directors has declared a dividend
increase to $0.50 per common share
and partnership exchangeable unit for the first quarter of 2019 and
the Company also announced it is targeting $2.00 in dividends per common share and
partnership exchangeable unit in 2019, compared to $1.80 in 2018. The dividend will be payable on
April 3, 2019 to shareholders and
unitholders of record at the close of business on March 15, 2019.
Further, the Company also announced its first Investor Day
Conference, which will be held in New
York City in May 2019 to
provide more detail on its plans for long-term growth and
value-creation.
Leadership Promotions
Daniel Schwartz, who was
the Chief Executive Officer of Burger King in 2013 and
has been the Chief Executive Officer of RBI since its formation in
2014, has been promoted to Executive Chairman of RBI and
Co-Chairman of RBI's Board of Directors, and will also take a more
active role as a Partner at 3G Capital. Daniel will remain deeply
involved in the RBI business and will continue to focus on talent
acquisition, capital allocation and major strategic initiatives.
Daniel, who has served as Chief Financial Officer and Chief
Executive Officer over the past 8 years, has been instrumental in
the creation of RBI through the acquisitions of Burger King in
2010, Tim Hortons in 2014 and Popeyes Louisiana Kitchen in
2017.
Jose Cil, who has been the
President of Burger King since 2014, has been promoted to Chief
Executive Officer of RBI. Accelerating the global growth of Burger
King, Tim Hortons and Popeyes will be a top priority for Jose in
his new role, in addition to delivering an exceptional guest
experience, increasing franchisee profitability and building the
power of our restaurant brands with our guests. Jose has been with
Burger King for over 18 years and has driven the growth of the
brand to more than $20 billion in
system-wide sales and more than 17,000 restaurants in over 100
countries and territories across the globe.
Josh Kobza has been
promoted to Chief Operating Officer of RBI following seven years as
an executive in the business, including as Chief Financial Officer
from 2013 through 2017 and as Chief Technology & Development
Officer in 2018. As the head of global development, he has set up
many of the international franchise partnerships that have
supported the Company's growth in recent years and he was also
responsible for leading the acquisitions of Tim Hortons in 2014 and
Popeyes Louisiana Kitchen in 2017. In his new role, Josh will
continue to oversee the establishment of new international
franchise partnerships as well as the implementation of the
Company's technology initiatives, and will now also ensure that
RBI's various operational teams best support the global growth of
the Company's three brands.
Today's announced leadership changes are effective immediately.
Daniel will work closely with Jose over the next few months to
ensure a smooth transition and neither Daniel nor the Partners at
3G Capital intend to sell shares in the Company, reflecting their
continued optimism of the long-term outlook for the business.
"I am very proud of the talented team that we have built at
RBI," said Daniel Schwartz,
Executive Chairman of RBI. "This is a natural transition of roles
for all of us, and reflects how we were already beginning to
operate the business day-to-day. I have great optimism for what I
believe our team will achieve, and we are looking forward to
sharing further details with the investment community later this
year."
"I'm excited by the challenge of this new role and I'm thankful
to Daniel and my other partners for the vote of confidence to lead
RBI on our next journey of growth," said Jose Cil, Chief Executive Officer of RBI. "We
have three amazing brands, a talented team with an ownership
mindset, and passionate, dedicated franchisees that I believe will
help us accelerate our long-term growth around the world.
Profitable owners and happy guests are the bedrock of our business
and I look forward to continuing to grow franchisee profitability
and provide our guests an exceptional brand experience when they
visit our restaurants."
"I am proud to have been involved in the creation of what RBI is
today, and I share the team's enthusiasm for what the future holds
for the business," said Josh Kobza,
Chief Operating Officer of RBI. "I look forward to supporting the
growth of our three strong brands, including by attracting and
retaining top talent, ensuring excellence in our supply chain and
business services, establishing new franchise partnerships with
best-in-class operators, and driving the evolution of our digital
and technology agenda."
Pre-Release of Fourth Quarter and Full Year Comparable
Sales and Net Restaurant Growth
Consolidated Operational Highlights
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Three Months Ended
December 31,
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Twelve Months
Ended December 31,
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2018
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2017
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2018
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2017
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(unaudited)
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(unaudited)
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Net Restaurant
Growth
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TH
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2.1 %
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2.9 %
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2.1 %
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2.9 %
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BK
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6.1 %
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6.5 %
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6.1 %
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6.5 %
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PLK
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7.3 %
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6.1 %
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7.3 %
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6.1 %
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Consolidated
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5.5 %
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5.8 %
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5.5 %
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5.8 %
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System Restaurant
Count at Period End
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TH
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4,846
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4,748
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4,846
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4,748
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BK
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17,796
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16,767
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17,796
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16,767
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PLK
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3,102
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2,892
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3,102
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2,892
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Consolidated
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25,744
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24,407
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25,744
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24,407
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Comparable
Sales
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TH
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1.9 %
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0.1 %
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0.6 %
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(0.1)%
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BK
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1.7 %
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4.6 %
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2.0 %
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3.1 %
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PLK
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0.1 %
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(1.3)%
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1.6 %
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(1.5)%
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KPIs by Home
Market
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Comparable
Sales
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TH – Canada
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2.2 %
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0.8 %
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0.9 %
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0.2 %
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BK – US
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0.8 %
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5.1 %
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1.4 %
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2.5 %
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PLK – US
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(0.1)%
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(2.5)%
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0.9 %
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(2.2)%
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Note: Comparable
sales are calculated on a constant currency basis and include sales
at franchise restaurants and company-owned restaurants. For
the twelve months ended December 31, 2017, PLK figures are shown
for informational purposes only.
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Investor Day Conference in May
2019
The Company will host its first Investor Day Conference in
New York City in May 2019 to outline its plans to deliver
long-term value creation for its stakeholders. The Investor Day
Conference will be made available via live webcast and in-person
participation will be by invitation only. Further details about
this conference will be issued by the Company in the coming
months.
Investor Conference Call
We will host an investor conference call and webcast at 8:30
a.m. Eastern Time today, Wednesday, January 23, 2019. The
investor call will be broadcast live via our investor relations
website at http://investor.rbi.com and a replay will be
available for 30 days following the release. The dial-in number is
(877) 317-6711 for U.S. callers, (866) 450-4696 for Canadian
callers, and (412) 317-5475 for callers from other countries.
About Restaurant Brands International Inc.
Restaurant
Brands International Inc. ("RBI") is one of the world's largest
quick service restaurant companies with more than $30 billion in system-wide sales and over 25,000
restaurants in more than 100 countries and U.S. territories. RBI
owns three of the world's most prominent and iconic quick service
restaurant brands – Tim Hortons, Burger King, and Popeyes. These
independently operated brands have been serving their respective
guests, franchisees and communities for over 40 years. To learn
more about RBI, please visit the Company's website at
www.rbi.com.
Forward-Looking Statements
This press release includes forward-looking statements, which
are often identified by the words "may," "might," "believes,"
"thinks," "anticipates," "plans," "expects," "intends" or similar
expressions and reflect management's expectations regarding future
events and operating performance and speak only as of the date
hereof. These forward-looking statements include statements about
RBI's expectations and belief regarding its ability to accelerate
global growth, deliver an exceptional brand guest experience,
continue to increase franchisee profitability and build the power
of its restaurant brands with its guests; its expectations and
belief regarding its ability to ensure a smooth transition in
connection with the new leadership changes; its expectations and
belief that RBI is well-positioned to deliver long-term value
creation for its stakeholders; and its expectations and belief
regarding its ability to attract and retain top talent, ensure
excellence in its supply chain and business services, establish new
franchise partnerships with best-in-class operators and drive the
evolution of its digital and technology agenda. Other than as
required under U.S. federal securities laws or Canadian securities
laws, RBI undertakes no obligation to update these forward-looking
statements to reflect events or circumstances after the date
hereof. This press release also contains certain pre-released
fourth quarter and full year 2018 operational metrics.
The factors that could cause actual results to differ
materially from RBI's expectations are detailed in filings of RBI
with the U.S. Securities and Exchange Commission and on SEDAR in
Canada, such as its annual and
quarterly reports and current reports on Form 8-K, and include the
following: risks related to RBI's ability to successfully
implement its domestic and international growth strategy; risks
related to RBI's ability to compete domestically and
internationally in an intensely competitive industry; risks related
to RBI's relationship with, and the success of, its franchisees and
risks related to RBI's fully franchised business model; and risks
related to RBI's ability to generate sufficient liquidity to
achieve its target total dividend for 2019 and satisfy its debt
service and other obligations.
In addition, the fourth quarter and full year 2018 operating
metrics contained in this press release are preliminary and
represent the most current information available to RBI's
management, as financial closing procedures for the three months
ended December 31, 2018 and the year
ended December 31, 2018 are not yet
complete. RBI's actual consolidated financial statements for
such periods may result in material changes to the operational
metrics summarized in this press release (including by any one
operational metric, or all of the operational metrics, being below
or above the figures indicated) as a result of the completion of
normal quarter and year end accounting procedures and adjustments,
and also what one might expect to be in the final consolidated
financial statements based on the operational metrics summarized in
this press release. Although RBI believes the expectations
reflected in such forward-looking statements are based upon
reasonable assumptions, RBI can give no assurance that actual
results will not differ materially from these expectations.
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SOURCE Restaurant Brands International Inc.