Restaurant Brands International Inc.\u0027s current chief operating officer Joshua Kobza, will take over as CEO on March 1. Find out more.
Comparable sales at its Tim Hortons restaurants increased 10 per cent from 2021, compared with an annual increase of 10.6 per cent the previous year, but higher revenue didn’t necessarily translate into bigger profits for franchisees.
A spokesperson for RBI said there was no connection between the news disclosures and a decision by a group of franchisees to go public with complaints over cost increases for inputs such as coffee and sandwich ingredients that they are forced to purchase from head office. The Alliance of Canadian Franchisees told select news outlets last week that its members’creating some drama ahead of the RBI’s quarterly earnings update.
Analysts at Citigroup Global Markets Inc., however, said in a note that they doubted Kobza represented a change in strategy, but is “potentially more of a peace offering to vocal franchisees.” “Airing grievances in the media is not what our guests expect of successful, profitable Tim Hortons restaurant owners,” he said in an email.
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