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☆ Fast food chains are getting the message about soaring prices
▼ + stars: | 2024-05-06 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

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

☆ Fast-food chains like Burger King, Shake Shack, and KFC are doubling down on digital order kiosks — but watch out, you'll probably end up spending more
▼ + stars: | 2024-04-01 | by ( Grace Dean | ) www.businessinsider.com time to read: +6 min

Fast-food giants are rapidly deploying more order kiosks in the US. AdvertisementMajor US fast-food chains plan to aggressively add more digital order kiosks to their restaurants – and bring in bigger checks in the process. They make up "well over" half of its in-restaurant orders at these locations, CFO Katie Fogertey told investors in November. As well as labor savings, kiosk orders "tend to skew to dine-in" and thus use less packaging than other digital orders, she said. In the US, digital orders currently make up just 15% of Burger King's sales.

Persons: Patrick Doyle, —, Burger, Josh Kobza, Shack, Katie Fogertey, Chris Turner, Turner, Sharon Zackfia, William Blair, Fogertey, Grace Dean, Randy Garutti, cashiers, Fogerty, Andy Barish, Jon Tower, Kobza, Zackfia, Barish, Popeyes, Tim Hortons Organizations: Service, Restaurant Brands, Brands, Taco Bell, KFC, Business, Jefferies, Citi, Burger, Firehouse, North Star Locations: Taco, China, London, millennials

☆ Burger King owner Restaurant Brands buys chain's largest U.S. franchisee
▼ + stars: | 2024-01-16 | by ( Amelia Lucas | ) www.cnbc.com time to read: +3 min

Restaurant Brands International is buying Carrols Restaurant Group , the largest Burger King franchisee in the U.S., for about $1 billion in cash. Restaurant Brands will pay $9.55 per share to acquire Carrols, which operates more than 1,000 Burger King restaurants and 60 Popeyes locations. Burger King sales had been lagging behind the competition, and Wendy's overtook it as the second-largest burger chain by U.S. sales. Restaurant Brands plans to remodel 600 of Carrols' Burger King locations rapidly over the next five years and then sell them back to franchisees, Tom Curtis, president of Burger King U.S. and Canada, said. Correction: Restaurant Brands International currently owns 175 Burger King locations.

Persons: Burger, Wendy's, Tom Curtis, Josh Kobza, I've, Curtis, Burger King Organizations: Brands, Burger King, Restaurant Brands, Burger King's, Burger King U.S, Restaurant, Carrols, CNBC, Burger, CNBC PRO Locations: U.S, Burger King's U.S, Burger, Canada

☆ Burger King's owner is buying the chain's largest franchisee for $1 billion. It plans to flip 600 restaurants and sell them to 'motivated' operators.
▼ + stars: | 2024-01-16 | by ( Nancy Luna | ) www.businessinsider.com time to read: +4 min

The move comes as Burger King has pushed for remodels of top outlets while closing others. Restaurant Brands International, the parent company of Burger King and Popeyes, announced plans Tuesday to buy more than 1,000 fast-food restaurants from its largest Burger King franchisee. RBI said it plans to invest $500 million in modernizing roughly 600 Burger King restaurants. AdvertisementRBI said the acquisition and flipping of the Burger King restaurants are an "exciting accelerator" to its overall "Reclaim the Flame" plan. Last year, Burger King operators closed dozens of restaurants in Florida, New York, Nebraska, Utah, and Minnesota .

Persons: Burger, —, Popeyes, Tom Curtis, Stephens, Joshua Long, Long, Burger King, Kobza Organizations: Restaurant Brands, Kings, Service, Burger King, Burger King US Locations: Burger, New York, Canada, King, Florida , New York , Nebraska , Utah, Minnesota

☆ I went to 3 Burger Kings in New York City and saw firsthand why the fast-food giant is closing hundreds of restaurants
▼ + stars: | 2023-11-15 | by ( Erin Mcdowell | ) www.businessinsider.com time to read: +2 min

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

☆ There's going to be a lot more touchscreen kiosks at Burger King – and you'll probably end up ordering more, too
▼ + stars: | 2023-11-07 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

Burger King execs say the chain is planning to speed up the rollout of digital order kiosks. AdvertisementAdvertisementBurger King will double-down on digital order kiosks, which bosses say are better for both staff and customers – and also lead to bigger orders. Digital kiosks are large touchscreens where diners can order and pay in-restaurant instead of ordering from a staff member at a counter. Kobza said Burger King had started piloting kiosks in more company-owned restaurants with "tremendous results." Burger King posted systemwide sales growth of 10.3% to $7.06 billion in the quarter to September 30 compared with the same period in 2022.

Persons: Burger, execs, —, Josh Kobza, Kobza, Burger King, Patrick Doyle, Grace Dean Organizations: Service, Restaurant Brands, Consumers, North Star Locations: Burger

☆ Burger King closes 6 more restaurants amid plan to shut down up to 400 locations this year
▼ + stars: | 2023-11-07 | by ( Nancy Luna | ) www.businessinsider.com time to read: +2 min

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

☆ Burger King drags sales at parent Restaurant Brands as spending softens
▼ + stars: | 2023-11-03 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

[1/2] The Burger King company logo stands on a sign outside a restaurant in Bretigny-sur-Orge, near Paris, France, July 30, 2020. REUTERS/Benoit Tessier Acquire Licensing RightsNov 3 (Reuters) - Restaurant Brands International (QSR.TO) missed market estimates for quarterly sales on Friday as lingering inflation pinched spending at its Burger King chain, eclipsing higher demand for Tim Hortons coffees and Popeyes chicken wings. Shares of the Canada-based company fell 4%, as executives said Burger King would increase advertising and store investments under an ongoing turnaround plan, setting it up for higher costs in the current quarter. Burger King has "made a lot of progress ... but there's still a very long way from where we are to where we want to be. Total revenue at Restaurant Brands rose to $1.84 billion, but missed estimates of $1.87 billion.

Persons: Benoit Tessier, Tim Hortons, Burger, Sante Faustini III, Burger King, Josh Kobza, Footfall, there's, Kobza, Deborah Sophia, Devika Organizations: Burger King, REUTERS, Brands, Reuters, Restaurant Brands, Thomson Locations: Bretigny, Paris, France, Canada, U.S, Burger, Bengaluru

☆ RBI CEO Josh Kobza: We are seeing big improvements in franchise profitability
▼ + stars: | 2023-11-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRBI CEO Josh Kobza: We are seeing big improvements in franchise profitabilityJosh Kobza, Restaurant Brands International CEO, joins 'Squawk on the Street' to discuss their latest earnings, how the company plans to accelerate sales in Burger King, and more.

Persons: Josh Kobza Organizations: Restaurant Brands Locations: Burger King

☆ Restaurant Brands revenue disappoints Wall Street as Burger King same-store sales miss estimates
▼ + stars: | 2023-11-03 | by ( Amelia Lucas | ) www.cnbc.com time to read: +3 min

Burger King said it demanded the main operator of its franchises suspend restaurant operations in Russia, but that "they have refused." Restaurant Brands International on Friday reported weaker-than-expected quarterly revenue, hurt by Burger King's disappointing same-store sales growth. Restaurant Brands said that unfavorable currency exchange rates hurt Tim Hortons, which accounts for roughly 60% of the company's revenue. Tim Hortons' same-store sales growth of 6.8% met Wall Street's expectations. Popeyes was Restaurant Brands' only chain to outperform expectations for same-store sales growth.

Persons: Burger, Papa John's, Burger King, Tim Hortons, Josh Kobza, that's, Popeyes Organizations: McDonalds, Brands, LSEG, Restaurant Brands, U.S, U.S . Burger King's, Restaurant, CNBC, KFC Locations: Russia, U.S ., U.S . Burger King's U.S, Canada, China, U.S

☆ More Burger King locations could soon look like this
▼ + stars: | 2023-10-10 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +4 min

Customers entering Burger King locations will “start to see something different in 2024,” said Tom Curtis, president of Burger King US & Canada. Burger King Company LLCThe new concepts feature digital ordering kiosks, plenty of Whopper branding, and streamlined drive-thru and pickup lanes. Burger King Company LLCNow, it seems, Burger King is trying to push ahead. Globally, including in the US, sales at Burger King restaurants open at least a year grew 10.2%. Burger King Company LLC“We are still not in positive territory,” when it comes to traffic, said Josh Kobza, CEO of Burger King parent company Restaurant Brands International, during an analyst call in August.

Persons: New York CNN — Burger, ”, Tom Curtis, Burger, Curtis, “ we’re, ” Curtis, Burger King, “, It’s, Josh Kobza, ” Kobza Organizations: New, New York CNN, Burger King, Burger King US, Canada, Burger, Burger King Company, Grill, Restaurant Brands, “, CNN Locations: New York, Burger, New Jersey, Las Vegas, North Carolina, Grill Burger, Burger King

☆ 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

☆ Wendy's now competes with Cheerios for breakfast customers as much as it competes with other chain restaurants, its CMO says
▼ + stars: | 2023-08-16 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

For Wendy's, Cheerios is now as much of a rival for breakfast customers as other restaurants, its CMO says. It just reported record quarterly breakfast sales. The chain reported record quarterly US breakfast sales volumes in the quarter to July 2, with year-over-year sales growth in the mid-single digits. And Wendy's is eyeing "outsized" growth for its breakfast sales in the future, executives said at its earnings call last week. Wendy's breakfast menu includes French toast sticks, sandwiches in croissant and biscuit buns, and hot and iced coffee.

Persons: Wendy's, Carl Loredo, Josh Kobza, Tim Hortons, Todd Penegor, We're, Penegor, We've Organizations: Service, Cheerios Locations: Wall, Silicon, QSR

☆ Coffee chains are betting big on cold drinks as Gen Z turns its back on old-school coffees
▼ + stars: | 2023-08-09 | by ( Grace Dean | ) www.businessinsider.com time to read: +5 min

Cold drinks tend to cost more, but they can also cause headaches for staff. Cold drinks account for 75% of Starbucks' beverage sales. "The team is making good progress with its efforts to become a bigger player in the high-growth cold beverage category and saw cold beverage sales grow 16.6% year-over-year," Restaurant Brands International CEO Josh Kobza said. Tim Hortons' cold drinks menu looks remarkably like Starbucks' – especially in the US. Cold drinks can potentially reap higher profits for coffee chains because they tend to cost more and some customers opt for costly modifications.

Persons: Tim Hortons, Laxman Narasimhan, Josh Kobza, Kobza, Tim Hortons execs, Howard Schultz, Brady Brewer, Brewer, Baristas Organizations: Starbucks, Service, Brands Locations: Wall, Silicon, Canada, Maryland, Nebraska

☆ Burger King's next challenge: Getting people in the door
▼ + stars: | 2023-08-08 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +4 min

In the second quarter ending on June 30, sales at Burger King’s US restaurants open at least 13 months jumped 8.3% year over year. Globally, including in the US, sales at Burger King restaurants open at least a year grew 10.2%. One part of the plan has hinged on getting people to try a Whopper, Burger King’s signature hamburger, again. More kiosks, newer restaurantsIn order for customers to walk through the door, Burger King locations need to look modern, according to executives. For Burger King, one way to update restaurants is by focusing on restaurant tech, like ordering kiosks.

Persons: Josh Kobza, Burger, Tim Hortons, Justin Sullivan, ” Tom Curtis, Kobza, “, ”, “ We’re, ” Kobza, “ We’ve, ” Burger Organizations: New, New York CNN, Burger, Burger King, Restaurant Brands, Burger King North, CNN Locations: New York, Burger, Burger King, Burger King North America

☆ Burger King parent says U.S. turnaround is already improving profits for franchisees
▼ + stars: | 2023-06-23 | by ( Amelia Lucas | ) www.cnbc.com time to read: +4 min

The burger chain in September unveiled the $400 million turnaround plan it crafted with franchisees after several years of disappointing sales. In 2020, Burger King slid to the No. And the gulf between Burger King and its top rival McDonald's has only widened. But Burger King is trying to launch a comeback, with its parent company pouring money into restaurant renovations and advertising. So far this year, two Burger King franchisees have filed for bankruptcy.

Persons: Burger, We've, we've, Josh Kobza, Tim Hortons, Burger King, McDonald's, Tom Curtis, Curtis Organizations: Restaurant Brands, CNBC, Subs, Burger King, Burger King's U.S, Toms King Holdings, Meridian Restaurants, Restaurant Business, Meridian, Burger King U.S, Brands Locations: U.S, Burger

☆ Biggest surprise as CEO is how much opportunity we still have left, says Restaurant Brands' Kobza
▼ + stars: | 2023-06-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBiggest surprise as CEO is how much opportunity we still have left, says Restaurant Brands' KobzaJosh Kobza, Restaurant Brands International CEO, joins 'Squawk Box' to discuss what's surprised Kobza most as chief executive for the past three months, the international aspect of Restaurant Brand's business, and complaints about underinvestment in Burger King.

Persons: Josh Kobza, what's, Kobza Organizations: Restaurant Brands Locations: Burger King

☆ Restaurant Brands beats quarterly estimates on higher pricing, traffic
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +2 min

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.

☆ Burger King is closing 26 locations in Michigan. See the full list.
▼ + stars: | 2023-03-28 | by ( Danni Santana | ) www.businessinsider.com time to read: +3 min

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 Parent Names New CEO, Aiming to Turn Around Chain
▼ + stars: | 2023-02-14 | by ( Heather Haddon | ) www.wsj.com time to read: 1 min

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.

☆ Stocks making the biggest moves premarket: Palantir, Coca-Cola, Marriott and more
▼ + stars: | 2023-02-14 | by ( Jesse Pound | ) www.cnbc.com time to read: +4 min

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.

☆ Restaurant Brands International posts strong fourth quarter, names new CEO
▼ + stars: | 2023-02-14 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +4 min

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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