Burger King and Tim Hortons' parent, Restaurant Brands International Inc.(NYSE:QSR), announced Tuesday slower-than-expected Q3 revenues as rising expenses still affect customer spending. With system-wide sales of $11.4 billion, the company's small 0.3% increase in comparable sales fell short of analyst forecasts. Comparable sales fell across Burger King, Popeyes Louisiana Kitchen, and Firehouse Subs among several of Restaurant Brands' U.S.-oriented franchises. By comparison, the worldwide operations of Tim Hortons and Restaurant Brands, located in Canada, had better performance; Tim Hortons' comparable sales increased 2.3%.
Discounts and meal bundles are helping to generate traffic, especially during Q4, according to CEO Josh Kobza. Talking about special promotions like Burger King's Addams Family purple Whopper, Kobza added that, If you only have value, the only thing you're offering, you're missing an opportunity. With Tim Hortons and its foreign division generating 70% of profits, Restaurant Brands reiterated its goal of increasing adjusted operating income by at least 8% in 2024.
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