Restaurant Brands International 2022 Q4 Sales Dip Amid Inflation Concerns – Stock Drops 2.7%
Discover how inflation and slowing sales growth impacted Restaurant Brands International, the parent company of Burger King, Popeyes, and Tim Hortons, in Q4 2022. Learn about the leadership change as COO Joshua Kobza takes the helm as CEO.
Bill McColl brings over 25 years of expertise as a senior producer and writer across television, radio, and digital platforms, leading teams in delivering impactful news coverage on major global events.
Highlights
- Restaurant Brands International (QSR) released its Q4 2022 financial results on February 14, 2023.
- The fast-food conglomerate, overseeing Burger King, Popeyes, and Tim Hortons, experienced a slowdown in sales growth, which led to a decline in its stock price.
- Joshua Kobza, formerly COO, has been appointed as the new CEO effective March 1, 2023.
Shares of Restaurant Brands International (QSR) declined by 2.7% following the announcement of moderated sales growth and inflationary pressures affecting the fast-food giant's performance in the last quarter of 2022. The company also revealed a significant leadership transition.
System-wide sales grew by 11.8%, marking a decrease from the 13.8% surge recorded in the previous year. Burger King, the company’s largest brand, posted an 11.8% sales increase, down from 15.4% in 2021. Tim Hortons saw a 12.3% rise compared to 14% the year before, while Popeyes outperformed with an 11.2% gain versus 7.2% previously. Comparable store sales rose 7.9%, a dip from 9.3% in 2021.
The company highlighted challenges from rising commodity, labor, and energy costs influenced by the ongoing effects of the COVID-19 pandemic and geopolitical tensions such as the Ukraine conflict. It cautioned that continued inflation spikes could negatively impact business if price adjustments reduce consumer demand.
Leadership Update
In a strategic move, Restaurant Brands International appointed COO Joshua Kobza as CEO, effective March 1, 2023, succeeding José Cil who served since 2019. This change aligns with the company’s succession planning efforts.
The market reacted with a 2.7% drop in QSR shares following the report.
Have a news tip for our reporters? Contact us at tips@investopedia.com
Discover the latest news and current events in Company News as of 19-02-2023. The article titled " Restaurant Brands International 2022 Q4 Sales Dip Amid Inflation Concerns – Stock Drops 2.7% " provides you with the most relevant and reliable information in the Company News field. Each news piece is thoroughly analyzed to deliver valuable insights to our readers.
The information in " Restaurant Brands International 2022 Q4 Sales Dip Amid Inflation Concerns – Stock Drops 2.7% " helps you make better-informed decisions within the Company News category. Our news articles are continuously updated and adhere to journalistic standards.