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To win penny-pinching customers back, some say they're planning smaller price increases for the rest of the year. Wendy's CFO Gunther Plosch told investors on Thursday that consumers are "still under pressure" — especially those with household incomes under $75,000. Chains raised prices drastically during the pandemic to offset rising labor and food costs, and it's coming back to bite them. For some restaurant chains, comparable sales even fell. McDonald's would "certainly" be "prudent and thoughtful" about any further price increases in the rest of 2024, Borden said.
Persons: , Gunther Plosch, Ian Borden, Joshua Kobza, Burger, Popeyes, Burger King, Wendy's, William Blair, Sharon Zackfia, Borden, Katie Fogertey Organizations: Service, Starbucks, KFC, US, Bureau of Labor Statistics Locations: Burger, North America
Earlier this year, Burger King announced plans to close up to 400 restaurants in 2023. I visited three Burger King locations in New York City to see how it's serving its customers. Burger King operates more than 18,700 locations in more than 100 countries worldwide, including just under 7,000 in the United States. I visited three Burger King locations in New York City to see what the dining experience is like at the chain. Burger King did not respond to Business Insider's request for comment on this story.
Persons: Burger, , Burger King, Joshua Kobza Organizations: Burger King, Service, Business, Restaurant Brands Locations: New York City, Burger, United States, Florida , Nebraska, Long, New York, Michigan, Nebraska , Utah, Minnesota
Earlier this year, Burger King said it would close up to 400 restaurants this year. The chain is targeting "older and lower performing restaurants" for closures, the company CEO said. AdvertisementAdvertisementMore Burger King restaurants are closing, according to various news outlets. In Long Island, New York, the closed Burger King restaurant is expected to be replaced by a McDonald's, according to GreaterLongIsland.com. In September 2022, Burger King announced a $400 million turnaround plan that called for the chain to upgrade 800 of the company's top-performing restaurants.
Persons: Burger King, , Joshua Kobza, Burger, we've, Kobza, José, Kobuza Organizations: Service, King, Lincoln Journal, Burger, Restaurant Brands, Burger King, State, Times Locations: Florida , New York, Nebraska, Michigan, Nabraska , Utah, Minnesota, Long, , New York, Burger, Florida, Jacksonville, York, Montauk, Long Island Nebraska
Popeyes is coming back to China in a big way
  + stars: | 2023-08-22 | by ( Michelle Toh | ) edition.cnn.com   time to read: +3 min
Shares of the operator, Shanghai-based Tims China (THCH), rose 3.6% in New York following the news. The company is best known as the operator of Tim Hortons coffee shops in China but recently bought the franchise for Popeyes in the country. “We are thrilled to open our first Popeyes restaurant in China, a milestone in our longer-term strategy,” Tims China CEO Yongchen Lu said in a statement. The fried chicken chain previously operated in China under TFI Tab Food Investments, a quick service restaurant group based in Turkey. The US company signed a new partnership deal last year with private equity firm Cartesian Capital Group, the founder and top shareholder of Tims China.
Persons: Fried, Tim Hortons, Yongchen Lu, ” Tims, Tims, Lu, Burger, Joshua Kobza, Organizations: Hong Kong CNN, Popeyes, TH, Subway, Restaurant Brands, TFI, Food Investments, PLKC International Locations: Hong Kong, China, Shanghai, New York, New Orleans, Popeyes, Turkey, Tims China, Macao
May 2 (Reuters) - Restaurant Brands International Inc (QSR.TO) beat Wall Street estimates for first-quarter revenue and profit on Tuesday, boosted by higher prices and increased traffic at its Burger King and Tim Hortons chains. Restaurant Brands' Burger King chain has been able to attract younger customers to its restaurants through a newly released viral "Whopper Whopper" jingle. Restaurant Brands in February named its chief operating officer, Joshua Kobza, as CEO in a turnaround plan for its struggling Burger King brand. According to location analytics firm Placer.ai, Burger King saw positive week-over-week visit growth for the majority of weeks since January 2023. Excluding items, Restaurant Brands earned 75 cents per share, compared with estimates of 64 cents, according to Refinitiv IBES data.
26 Burger King locations are closing in Michigan by April 15, predominantly in the Detroit area. Burger King franchisee EYM King of Michigan said it failed to reach a deal with the fast-food giant. EYM began shuttering Burger King locations on March 17 and expects to shutter all locations by the middle of April. Leslie AllenThe news of over two dozen Burger King locations closing in Michigan comes as the chain, owned by Restaurant Brands International, undergoes a brand reset in the US. The parent company also named a new CEO of Burger King in Joshua Kobza, formerly the chain's COO.
Burger King used to be the second-largest U.S. hamburger chain. Burger King owner Restaurant Brands International Inc. named a new chief executive Tuesday, saying the company needs to do more to help its restaurant owners improve their profits. The Toronto-based fast-food chain operator said Joshua Kobza , the company’s chief operating officer, will take over as CEO March 1. Mr. Kobza previously served as Restaurant Brands’ chief financial officer and chief technology officer in his 11 years with the company.
Here are the stocks making notable moves before the opening bell on Tuesday, Feb. 14. Palantir — Shares of the software company surged 18% in extended trading after Palantir reported it made a profit in the fourth quarter, the first GAAP profit in the company's history. Marriott — The hotel stock rose nearly 2% in premarket trading after Marriott beat estimates on the top and bottom lines for the fourth quarter. Cadence Design Systems — The electronics design stock rose 5% premarket after Cadence beat estimates on the top and bottom lines for the fourth quarter, according to StreetAccount. Amkor Technology — The semiconductor stock fell about 3% premarket after Amkor's fourth quarter earnings per share came in at 67 cents, three cents below estimates, according to StreetAccount.
In this photo illustration, a Burger King Whopper hamburger is displayed on April 05, 2022 in San Anselmo, California. Restaurant Brands International on Tuesday posted a strong fourth quarter and named Chief Operating Officer Joshua Kobza as its new chief executive, effective March 1, replacing José Cil. Restaurant Brands reported overall same-store sales growth of 8% during the fourth quarter and system-wide sales growth of nearly 12%. Its flagship burger chain, Burger King, saw same-store sales growth of 8.4% during the period. At the end of the fourth quarter, the company said it had funded $30 million of that turnaround plan.
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