2024-04-30 13:15:27 ET
Restaurant Brands International Inc. (QSR)
Q1 2024 Earnings Conference Call
April 30, 2024, 10:00 AM ET
Company Participants
Kendall Peck - Head of Investor Relations
Joshua Kobza - Chief Executive Officer
Sami Siddiqui - Chief Financial Officer
Patrick Doyle - Executive Chairman
Conference Call Participants
Dennis Geiger - UBS
Brian Bittner - Oppenheimer & Co
David Palmer - Evercore ISI
Danilo Gargiulo - AB Bernstein
John Ivankoe - JPMorgan
Lauren Silberman - Deutsche Bank
Andrew Charles - TD Cowen
John Zamparo - CIBC
Brian Mullan - Piper Sandler
Sara Senatore - Bank of America
Brian Harbour - Morgan Stanley
Eric Gonzalez - KeyBanc
Gregory Francfort - Guggenheim
Presentation
Operator
Good morning, and welcome to the Restaurant Brands International First Quarter 2024 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded.
I would now like to turn the conference over to Kendall Peck, RBI's Head of Investor Relations. Please go ahead.
Kendall Peck
Thank you, operator. Good morning, everyone, and welcome to Restaurant Brands International's earnings call for the first quarter ended March 31, 2024. As a reminder, a live broadcast of this call may be accessed on the Investor Relations webpage at rbi.com/investor and a recording will be available for replay.
Joining me on the call today are Restaurant Brands International's Executive Chairman, Patrick Doyle; CEO, Josh Kobza; and CFO, Sami Siddiqui.
Today's earnings call contains forward-looking statements, which are subject to various risks set forward 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.
And now I'll turn the call over to Josh.
Joshua Kobza
Thanks Kendall. Good morning everyone and thank you for joining us today to discuss our first quarter of 2024. We talked a lot about our business and strategy during our investor event in February so I'll keep my remarks brief today and focus on the quarter.
We had a good start to the year with first quarter consolidated comparable sales of 4.6% and net restaurant growth of 3.9%. This translated into system-wide sales growth of 8.1% and organic adjusted operating income growth of 7.7%. Leap day contributed about 1% to same store sales globally so that's important to keep in mind as we talk through results. We're proud of the hard work our teams and franchisees are doing to deliver outstanding product quality and service to guests every day at a great value. That's what brings guests back and will be the driver of sales and traffic growth today and into the future. We're also making progress towards improving convenience....
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Restaurant Brands International Inc. (QSR) Q1 2024 Earnings Call Transcript