Jonathan Maze

RBI earnings call summary: Burger King is killing it Popeyes less so Tim Hortons' matcha wins big with the kids BK Nugget sales up 35% BK remodels do 18% higher sales than system average 8 in 10 customers now will consider dining at a Burger King RBI international business doing better than you think BK refranchising increasing Popeyes pulls in its wings Tim Hortons customers love Canadian Tire $QSR

Tim Hortons is focused more on driving sales of cold beverages. The company added a line of matcha drinks, driving incremental sales among a customer base that is younger and more likely female. They come in during the afternoons and spend more. $QSR

Whopper sales at Burger King this year are up double digits. King Jr. meals are up 40%. Chicken nuggets are up 35%. $QSR

Burger King's remodeled restaurants generate average unit volumes of more than $2M. By comparison, the typical restaurant does less than $1.7M. The company has about 60% of its restaurants remodeled, suggesting the chain has plenty of room to maintain momentum. $QSR

RBI saying not much has changed in its international businesses, perhaps more stable. Asia is a bit better. There are macro-economic headwinds in Western Europe. The China businesses are improving. $QSR

Three years ago, per Patrick Doyle, Burger King was in the consideration set for 70% of consumers. That is now up to 78%. "It just means the brand is becoming more relevant again." $QSR

RBI saying that Burger King's improvements are sustainable, noting that there is still plenty to do, including operations, more remodels, and other menu improvement opportunities. $QSR

RBI's international same-store sales have increased for 22 straight quarters, "and I still think investors underestimate just how strong the business is," Patrick Doyle notes. The company 12+ international businesses generating more than $100M in system sales. $QSR

Burger King picked up the pace of refranchising company restaurants. The chain has refranchised 135 restaurants through Oct. 23. It expects to refranchise another 200 this year and will accelerate that pace next year. $QSR

RBI received $11 million in tariff refunds in its Tim Hortons CPG business. $QSR

Popeyes deliberately scaled back its chicken wings offering, saying that the wings added operational complexity. By simplifying the platform, the company can emphasize core items including bone-in chicken, chicken sandwiches, and chicken tenders. $QSR

Burger King's upgraded nuggets and its marketing partnerships are generating sales from families. The company's Dragon Ball Z collaboration drove King Jr. sales to their highest levels in a decade. $QSR

Burger King's Texas Whopper and its upgraded chicken nuggets helped generate sales. The company is increasing sales of nuggets as a result. $QSR

Burger King is now the second-biggest burger chain in the U.S. The chain also increased its outperformance compared with QSR competitors to nearly 10 points. $QSR

Popeyes international unit count has doubled in two years and increased by 7x since RBI bought the chicken chain in 2017. $QSR

Tim Hortons customers in Canada apparently like the company's loyalty program integration with Canadian Tire. Linking of the two loyalty programs are moving ahead of expectations. $QSR

Burger King now has 13,000 restaurants outside the U.S. and Canada. Popeyes now has 2,000 such locations. $QSR

Blackwells Capital hammered Nelson Peltz in a statement on the Wendy's, saying it "dramatically undervalues" the brand and doesn't include enough protections given Peltz's 16% ownership and status as an insider. But probably I'll let this graph speak for itself: "Nelson Peltz has been a director of Wendy’s and its predecessor companies since 1993. He was chairman of its Board for seventeen years and holds the title Chairman Emeritus today. His partner, Peter May, and his son both remain directors. Under their direction, Wendy’s has cycled through four chief executives in under three years, cut its dividend by 72%, posted six consecutive quarters of declining U.S. same-store sales, watched its largest franchisee enter bankruptcy, and surrendered the No. 2 position in American burgers. These are not conditions Trian discovered; they are conditions Trian presided over. This is an offer by the Company’s longest-tenured fiduciary to purchase, at the bottom, the consequences of his own disastrous tenure." Blackwells also takes issue with Peltz's pullback on his earlier effort, noting that the report of his plan to buy the chain sent the stock past $9, when he changed his mind, sending the stock plunging. And now that the stock is below $7, he's trying again. $WEN You can see the full statement here: rss.globenewswire.com/news-r…

Checking in with Restaurant Brands International this morning: Burger King U.S. same-store sales up 8.4% Popeyes U.S. down 2.2% Tim Hortons Canada 1.8% Firehouse Subs 2% International comps 3.9% Revenues $2.5B EPS $1.54 $QSR