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[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
[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 still-high inflation pressured consumer spending at its Burger King chain, signaling that the brand's turnaround efforts were falling short. The weak sales come despite Burger King executing a $400 million turnaround plan by streamlining menus, targeting younger consumers through better advertising and improving restaurant technology. Total same-store sales at the Burger King division rose 7.2% in the third quarter, missing estimates of 8.71%, according to LSEG IBES data. Toronto, Canada-based Restaurant Brands posted an adjusted profit of 90 cents per share, beating estimates of 86 cents.
Persons: Benoit Tessier, McDonald's, Burger, Wells Fargo, Tim Hortons, Deborah Sophia, Devika Organizations: Burger King, REUTERS, Brands, U.S ., Burger King's, Thomson Locations: Bretigny, Paris, France, U.S, Burger, Burger King's U.S, Canada, Toronto, Bengaluru
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
(photo by Mike Kemp/In Pictures via Getty Images)Yum Brands on Wednesday reported third-quarter revenue that fell short of analysts' expectations, hurt by weak same-store sales growth at Pizza Hut. Yum China CFO Andy Yeung said that sales had softened in late September through October, hurting its fourth-quarter results. But in the U.S., its second-largest market, KFC saw flat same-store sales growth. The pizza chain reported 2% same-store sales growth for international restaurants and flat same-store sales in the U.S.Pizza Hut isn't the only pizza chain that has struggled to win over U.S. consumers. Rival Domino's Pizza reported a 0.6% drop in same-store sales during its third quarter.
Persons: Mike Kemp, Andy Yeung, Yum, David Gibbs, Gibbs, Chick, Taco Bell Organizations: Getty, Brands, Refinitiv, Indian, Taco, KFC, U.S Locations: Birmingham, United Kingdom, China, Taco Bell's U.S, U.S
KFC is losing ground to Popeyes, according to a Barclays report. KFC and Popeyes are both logging more than $5 billion a year in sales, according to Technomic's latest Top 500 report. But Popeyes, which is expanding rapidly across the US, is selling food with fewer locations in the US compared to KFC, according to Technomic. I tried the same items found at each brand's menu: Fried chicken, chicken tenders, and a classic fried chicken sandwich. The chicken served at KFC was so greasy, I had to take Tums to relieve my indigestion.
Persons: , Popeyes Organizations: KFC, Barclays, Service, Popeyes, CNBC, US Locations: Santa Ana, Tustin , California
And New York City has had success transforming single-use office districts, most notably Lower Manhattan's financial district, into more vibrant mixed-use places. Times Square is one of those, according to Tom Harris, president of the Times Square Alliance, which represents the district's businesses. AdvertisementAdvertisement"I'm not negating it, but certainly the opportunities south of Times Square, to the west of Times Square, are a little bit better for development of the housing stock," he said. The mix of businesses around Times Square has changed in a way that could be appealing to potential residents. Times Square lost 179 businesses during the pandemic, but has since welcomed more than 180 new businesses into the neighborhood, according to the Times Square Alliance.
Persons: , Eric Adams, Dan Garodnick, Garodnick, Lynne Sagalyn, Sagalyn, Andrew Lichtenstein, Susan Mello, Walker, Dunlop, Mello, Luiz C . Ribeiro, Tom Harris, Harris, aren't, Le Bernardin, haven't —, Gardonick Organizations: Midtown, Service, Garment, Eighth, New York City's Department of City Planning, Columbia University, Getty, Financial, Times Square Alliance, Times, Lambs, , Taco Bell, Grand Central Madison Locations: Midtown Manhattan, Midtown, Manhattan, America, Manhattan . Old, York City, Lower Manhattan, hasn't, Retail, Long, New York
2 chicken chain in the U.S., a decade after Chick-fil-A first unseated KFC from the top spot. Restaurant Brands International 's Popeyes launched a chicken sandwich in 2019 that turned into a blockbuster menu item and ushered in the chicken sandwich wars. Similar to KFC, Popeyes lost market share in the past year, but still retained enough to leapfrog its rival. It took more than a year for KFC to respond to Popeyes' chicken sandwich. 2 chicken chain.
Persons: Popeyes, Chick, Wendy's, Kevin Hochman, Patrick Doyle, Sami Siddiqui Organizations: KFC, Starbucks, Restaurant Brands, Yum Brands, Barclays, Brinker International, School Conference, CNBC Locations: U.S, Atlanta
Burger King's roughly 800 Russian restaurants remain open. Its parent company said in March 2022 it had started the process to dispose of its ownership stake. AdvertisementAdvertisementBurger King still hasn't closed its Russian restaurants, more than 18 months after parent company Restaurant Brands International said it would. Burger King's franchise restaurants in Russia are run by a joint venture partnership in which RBI has a 15% stake. Shear added that RBI had "demanded" that the main operator of Russia's Burger King restaurants stop operations, but that it "refused to do so."
Persons: Burger, , David Shear, Shear, Russia's, didn't, hadn't, Angus, Whoppers, Popeyes, Tim Hortons, McDonald's Organizations: Service, Restaurant Brands, BBC Locations: Russia, Russia's Burger, Ukraine
Burger King parent company Restaurant Brands International is leading a successful brand turnaround, according to Loop Capital. Following "another round of positive Burger King checks," the firm upgraded shares to buy from hold. According to analyst Alton Stump, Burger King's same-store sales gained 8.5% to 9% quarter to date through late September, topping estimates of 7.7% growth. While the wraps are a limited-time offering, he cited an anonymous Burger King franchisee contact who said there is a good possibility that it could become a permanent menu addition. The company's new leadership has helped improve burger King's image over the last six to 12 months, said Stump.
Persons: Burger, Alton Stump, Burger King's, Stump, Tim Hortons, — CNBC's Michael Bloom Organizations: Burger King, Restaurant Brands, Popeyes Locations: 2Q23
Check out the companies making headlines in premarket trading. Nike — The sneaker behemoth added nearly 10% in premarket trading after a mixed earnings report. Brinker International — The Chili's parent climbed 4% after Stifel upgraded the stock to buy from hold. Editas Medicine — The genome editing company popped 9% in premarket trading following a Stifel upgrade to buy from hold. Ball — Shares added 1.7% in premarket trading after the aluminum-can maker was upgraded by Jeffries to buy from hold.
Persons: Brinker, Stifel, Jeffries, , Northcoast, CNBC's Brian Evans, Pia Singh, Jesse Pound, Michelle Fox Organizations: Nike, Opry, LSEG, Uranium Energy, Wonder Group, Anheuser, Busch InBev —, Bank of America, Stifel, KFC, Research Locations: Nashville , Tennessee, Olive
New York CNN —Men, apparently, can’t stop thinking about the Roman Empire. Panera Bread fans can’t stop thinking about their broccoli cheddar soup. Now, the two are coming together with the chain selling a “Roman Empire” menu, which is a cheeky response to the viral TikTok trend. “Panera gets it … there are always things that you can’t stop thinking about,” the chain said as it announced the online-only menu available beginning Tuesday. Many of the eight items on the special menu have been staples since its inception in 1987, just slightly younger than the Roman Empire itself.
Persons: Caesar, Panera, “ Panera, Popeyes, Olivia Maher, McDonald’s, Dunkin ’ Organizations: New, New York CNN, Cheesecake Factory, Air Locations: New York, Roman, Louisiana
The chicken sandwich wars started in 2019, when Popeyes debuted its chicken sandwich. It all started in 2019, when Popeyes debuted its chicken sandwich. Chick-fil-A responded in a tweet that it was the originator of the sandwich, having had its chicken sandwich on the menu since 1964. The lucrative marketing campaign drove a chicken sandwich boom, but Popeyes' same-store sales growth has since declined. The chain is also introducing new menu items, like its blackened chicken sandwich, which uses a breading-free chicken breast marinated for 12 hours and seasoned with Cajun and Creole spices.
Persons: Popeyes, Chick, J, Patrick Doyle Organizations: Service, Bloomberg, Brand Locations: Wall, Silicon
They’re almost enough to make you forget the pleasures of being a little bit bad. We asked 16 writers — most of them respectable adults — about the irresponsible, immoral, indulgent things they do. Years later, we bumped into each other in public, resulting in a humiliating exposition that left everyone questioning my sanity. Can’t stop won’t stop ShopliftingWhenever I’m at the airport, I like to do a little shopping at the Free Store. Yes yes yes.
Persons: , it’s, I’ve, Kennedy, Dan Cathy, Burger King, Jack, they’re, Chick, I’m, , Tell, Wranchers, pant, Henry Hill, Bob Hughes, — let’s, Kelly I, It’s, Saint Augustine, , It’s icky, Jamieson Webster, Rinee Shah Organizations: Harvard, New York Times Locations: British, New York, , YOLO, San Francisco
Factbox: Subway to sell itself to Roark Capital
  + stars: | 2023-08-24 | by ( ) www.reuters.com   time to read: +4 min
REUTERS/Thomas White/Illustration/File Photo Acquire Licensing RightsAug 24 (Reuters) - Roark Capital snapped up Subway in a $9.55 billion deal, sources said on Thursday, after it outbid several private-equity groups. The pair then started franchising Subway restaurants, with the first outlet outside of Connecticut being opened in Massachusetts a year later. For 2022, Subway posted a 9.2% year-over-year increase in same-store sales, thanks to its "Subway Series" menu - a lineup of 12 new signature sandwiches. In March, Goldman Sachs' (GS.N) asset management arm, PE firms Bain Capital, TPG, TDR Capital, Advent International and Roark Capital emerged among the list of suitors for the sandwich chain. Reuters reported earlier this week, citing sources that Roark Capital was in the lead to acquire the chain for well over $9 billion after attaching conditions to some of the windfall the two families that own it would get.
Persons: Thomas White, Roark Capital, Fred DeLuca, Peter Buck, DeLuca, Buck, Arby's, Quiznos, Burger, Jared Fogle, Chidsey, John Chidsey, Morgan, Goldman Sachs, Roark, Deborah Sophia, Granth Vanaik, Varun, Anil D'Silva Organizations: REUTERS, Subway, KFC, Bain Capital, TPG, TDR, Advent International, Roark Capital, Reuters, Thomson Locations: Bridgeport , Connecticut, Connecticut, Massachusetts, Bahrain, Subway, United States, Burger, U.S, North America, Bengaluru
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
JPMorgan thinks Restaurant Brands International is poised for more growth. The firm initiated coverage of the restaurant conglomerate with an overweight rating in a Monday note, accompanied by an $82 per share price target. The analyst added that the breadth of company growth will be driven by the internationally-exposed businesses including Burger King, Tim Hortons and Popeyes. Restaurant Brands has has added 6% in 2023. QSR YTD mountain Restaurant Brands has added more than 6% in 2023.
Persons: John Ivankoe, Tim Hortons, Burger King, Patrick Doyle, Ivankoe, — CNBC's Michael Bloom Organizations: JPMorgan, Brands Locations: capex, Burger
In this article CMGMCDWENPZZA Follow your favorite stocks CREATE FREE ACCOUNTA McDonald's restaurant near Times Square, NYC on July 29th, 2023. Adam Jeffery | CNBCRestaurant companies navigating some of the same challenges in the second quarter fell into two categories: winners and losers. While most restaurant companies crushed earnings expectations, a number of them fell short of Wall Street's estimates for their quarterly revenue. McDonald's and Wingstop both reported second-quarter earnings, revenue and same-store sales growth that topped analysts' expectations, a rarity this quarter for restaurant companies. One fast-casual chain has struggled with consumers' value perception.
Persons: Adam Jeffery, hasn't, Papa John's, TD Cowen, Andrew Charles, Burger, Wendy's, Jeffrey Bernstein, bode, Chris Kempczinski, Todd Penegor, Wingstop, Michael Skipworth, Chipotle, Jack Hartung, Noodles Organizations: CNBC Restaurant, Promotions, Investors, CNBC, Restaurant Brands, Barclays, Company Locations: NYC, Chipotle, Texas
CNN —Chick-fil-A’s first foray into the chicken sandwich wars was so successful that it’s launching a second entry, marking the first time the chain has altered its well-known fried chicken sandwich. That sense of urgency comes as competition in the chicken sandwich wars is escalating. Less than three months ago, chicken chain competitor Popeyes expanded its sandwich selection to permanently include the blackened chicken sandwich. The seasonal sandwich is the first time Chick-fil-A has experimented with their original fried chicken sandwich recipe. As both Chick-fil-A and Popeyes venture beyond the basic buttered bun and fried chicken, it will be consumers who will decide who rules the roost in this ever-expanding chicken sandwich market.
Persons: CNN —, It’s, Popeyes, , ” Stuart Tracy, Will Herbert, it’s, ” Herbert, , Josh Jordan, , Chick Organizations: CNN, Edison Locations: Atlanta, Oakland , California
"It seemed like a cool, innovative new company," Lam said. Starting in early 2022, the company poured millions of dollars into an experimental sales boot camp called Otter University. She joined the company in 2020 as Otter's head of sales enablement and helped dream up the idea of a sales boot camp a year later. Two former OtterU employees said that Law and another Otter executive urged managers to join their teams for late-night drinks following team dinners. But the late nights and free-flowing alcohol struck some OtterU employees as inappropriate for the workplace, especially when managers had to deal with hungover teams the next day.
Persons: Brian Lam, messaged, Travis, Lam, Uber, It's, Kalanick, voraciously, they're, Otter, wasn't, salespeople, Cory Epstein, Phoebe Law, Law, people's, , Kalanick's Uber, Otter's, Kate, Samul Beal, I'd, Beal, didn't, terminations, he'd, OtterU, I'm, grads, Salespeople, Guido Gabrielli, Keith Dunphy, Dunphy, Bram van Staalduinen, Phoebe Law's, Debra Glaser, Jen Zablotny, there's, Ordermark, Burger, Meghan, Darius Organizations: Texas, Otter, Storage Systems, Microsoft, Otter University, Law, Adobe, SAP, Houston, OtterU, hungover, NCR, Google, Brands, Houston Rockets Locations: Korean, Houston, Toronto, LA, Las Vegas, Miami, Seoul, South Korea, Houston ., OtterU, Otter, Canada
A former McDonald's chef said he was part of a team that worked on a new chicken sandwich recipe for McDonald's. In 2021, McDonald's relaunched its chicken sandwiches, which drew comparisons to Chick-fil-A's sandwiches. A new chapter has been added to the fast-food chicken sandwich wars: A former McDonald's chef shared insight on his TikTok about how the fast-food chain reworked its fried chicken sandwich to rival Chick-fil-A's. Mike Haracz, a former McDonald's chef, said he was part of a team that developed a new chicken sandwich recipe for McDonald's a few years ago. Since McDonald's launched its new chicken sandwiches in 2021, consumers and industry experts have commented on the menu items' similarity to Chick-fil-A's sandwiches.
Persons: McDonald's, Chick, Mike Haracz, Haracz, Popeyes, Taco Bell Organizations: Service, KFC Locations: Wall, Silicon, Illinois, Burger
RBI executive chairman Patrick Doyle slipped up and called Popeyes "Domino's" during an earnings call. RBI owns Burger King, Tim Hortons, Popeyes, and Firehouse Subs. Since November, Patrick Doyle has served as executive chairman of Restaurant Brands International, which owns the quick service brands Burger King, Tim Hortons, Popeyes, and Firehouse Subs. Between 2010 and 2018, Doyle was CEO of Domino's, where he was praised for helping turn around the brand and fix its reputation. "I'm sending Russell $20 by Venmo to fix that," he continued, seemingly referring to Domino's CEO Russell Weiner.
Persons: Patrick Doyle, Tim Hortons, Doyle, Domino's, Burger King, we're, I'm, Russell, Venmo, Russell Weiner Organizations: Burger, Firehouse, Service, Restaurant Brands Locations: Popeyes, Wall, Silicon, Burger, Domino's
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
Restaurant Brands International on Tuesday reported double-digit same-store sales growth at Burger King and Tim Hortons for its second quarter. Restaurant Brands' same-store sales climbed 9.6% in the quarter, driven by strong growth at Tim Hortons and Burger King. Tim Hortons reported same-store sales growth of 11.4%, topping StreetAccount estimates of 6.5%. Popeyes saw same-store sales growth of 6.3%, topping expectations of 3.5%. Firehouse Subs, the most recent addition to Restaurant Brands' portfolio, reported same-store sales growth of 2.1%.
Persons: Burger King, Tim Hortons, Burger Organizations: Brands, Burger, Refinitiv ., Restaurant Brands, Burger King, Firehouse Locations: United States, U.S
Popeyes is hoping to lure "girl dinner" enthusiasts with a menu consisting entirely of sides. "I cant believe the brand girlies at @Popeyes actually successfully pitched putting 'girl dinner' on the mobile menu," said one Twitter user. "The way popeyes added a 'girl dinner' section to their menu and it's all side is so FUNNY," another Twitter user said. Some Twitter users have criticized Popeyes for offering such an uninspiring take on the trend. "A man in the popeyes office said 'monetize girl dinner' and missed the entire point," said one Twitter user.
Persons: Popeyes Organizations: Twitter, Service, Restaurant Brands Locations: Wall, Silicon
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