Restaurant Brands International Inc. (NYSE:QSR) Q1 2019 Earnings Conference Call Transcript

Apr 29, 2019 • 08:30 am ET

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Restaurant Brands International Inc. (NYSE:QSR) Q1 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Good day, and welcome to the Restaurant Brands International First Quarter 2019 Earnings Call and Webcast. All participants will be in listen-only mode. (Operator Instructions) After today's presentation there will be an opportunity to ask questions. (Operator Instructions) Please also note this event is being recorded.

I would now like to turn the conference over to Chris Brigleb, RBI's Head of Investor Relations. Please go ahead.

Executive
Chris Brigleb

Thank you, operator. Good morning, everyone, and welcome to Restaurant Brands International's earnings call for the first quarter ended March 31st, 2019. As a reminder, a live broadcast of this call may be accessed through the Investor Relations webpage at investor.rbi.com and a recording will be available for replay.

Joining me on the call today are Restaurant Brands International's CEO, Jose Cil and CFO Matt Dunnigan. Jose and Matt will also be joined by our COO, Joshua Kobza, for the Q&A portion of today's call.

Today's earnings call contains forward-looking statements, which are subject to various risks set forth in the press release issued this morning and in our SEC filings. In addition, this earnings call includes non-GAAP financial measures. Reconciliations of non-GAAP financial measures are included in the press release available on our website.

Let's quickly review the agenda for today's call. Jose will start with some opening remarks and highlights for the first quarter and then discuss our performance at Tim Hortons, Burger King and Popeyes. Matt will then review financial results, before opening the call up for Q&A.

I'd now like to turn the call over to Jose.

Executive
Jose Cil

Thanks, Chris, and good morning, everyone. I'll start with a quick summary of Q1 results, but then I'll spend the majority of my time sharing my views on the key drivers of our performance and the confidence we have in our teams and plans across each of our brands to continue driving strong system-wide sales growth around the world.

Overall, we had another good quarter, with 6.4% consolidated system-wide sales growth, reaching nearly 26,000 restaurants worldwide. Our system-wide sales growth was led by Burger King at more than 8%, Tim Hortons at about 0.5% and Popeyes at nearly 7%. Our results in the quarter were highlighted by solid global same-store sales results at Burger King, continued strength in restaurant expansion and pipeline development at both Burger King and Popeyes, and positive results across the Winning Together initiatives we've implemented at Tim Hortons over the past year, including the exciting launch of our new Tims Rewards Program at the end of the quarter.

As this was my first quarter as CEO, I spent a considerable amount of time traveling around the world, meeting with many of our franchise partners and restaurant owners, and our teams across each of our brands to discuss all the growth opportunities we see and our plans to achieve them. This was a great experience, filled with a lot of valuable insights that left me incredibly excited about our long-term prospects to continue growing all three of our iconic brands, both