(Toronto) The company that owns Tim Hortons and Burger King expects its fast-food empire to have 40,000 restaurants and total revenue of US$60 billion by 2028.
Restaurant Brands International (RBI), which also owns Popeyes Louisiana Kitchen and Firehouse Subs, currently has approximately 30,000 restaurants and, in its most recent fiscal year, reported $42.8 billion in revenue overall. of its banners.
Speaking at an investor day in New York on Thursday, RBI Chief Operating Officer Josh Kobza explained that the company has ambitions to generate 5% net growth in its number restaurants and sales growth of 8% over the next five years.
“We are proud of the work done by our franchisees and their teams to provide quality food, excellent service and convenience to customers,” said Mr. Kobza in a press release.
“Our long-term investment horizon is expected to result in compelling business performance and generate at least double-digit annual total returns for shareholders over the next five years,” he maintained.
For Tim Hortons — which already occupies 70% of the hot coffee market share in Canada, as well as 65% of the market share in the baked goods segment — RBI will focus on increasing sales in afternoon and evening, focusing in particular on wraps, bowls, snacks and other new products.
Tim Hortons also plans to increase its cold beverage sales from its 25% market share in 2023 by focusing on its cold brew coffee, RefreshedTim fruit drinks and its popular iced cappuccino.
Tim Hortons’ U.S. operations are expected to be the largest contributor to net restaurant growth in RBI’s domestic markets, with the goal being to reach 1,000 Tim Hortons restaurants south of the border. here 2028.
For Burger King, RBI intends to focus on completely modernizing restaurants and then refranchising the vast majority of its portfolio of approximately 1,000 restaurants — an initiative it plans to complete within five to seven years.
RBI plans to grow Popeyes in Canada and the United States, growing from nearly 3,400 restaurants in 2023 to more than 4,200 by 2028.
With Firehouse Subs, the company aims to reach 800 new locations by 2028 in Canada and the United States.
RBI executives expect the company’s overall adjusted operating profit to reach US$3.2 billion by 2028, compared to US$2.2 billion in the last fiscal year.