In an April 2^nd release, Restaurant Brands International Inc. (QSR) posted financial results for the 1^st quarter of fiscal 2023. Along with other QSRs and casual dining competitors, all are subject to the pressures of increased costs for food, packaging and labor in a competitive environment restrained by inflation impacting spending by consumers.

For the 1st Quarter of FY 2023 ending March 31^st 2023 the Company beat both top and bottom line consensus estimates.  Net income was $277 million on total revenue of $1,590 million.  Comparable figures for the 1^st quarter of FY 2022 ending March 31^st were net income of $270 million on total revenue of $1,451 million. Diluted EPS rose from $0.59 for the 1^st quarter of fiscal 2022 to $0.61 for the most recent quarter.

 For the quarter, system-wide sales increased by 14.7 percent compared to Q1 of FY 2022.

 Segment results comprised:-

Tim Horton’s: Revenue, $900 million; EBITDA, $251 million; Comparable store sales increase,13.8 percent with 5,620 stores

Burger King: Revenue $484 million; EBITDA $256 million; Comparable store sales increase 10.8 percent with 18,911 stores

Popeye’s LA Kitchen: Revenue,  $168 million; EBITDA, $66 million; Comparable store sales increase, 5.6 percent with 4,178 stores

Firehouse Subs: Revenue,  $37 million; EBITDA, $15 million; Comparable store sales increase, 6.1 percent with 1,247 stores

Josh Kobza who replaced Jose Cil as Chief Executive Officer of RBI commented, "Our teams delivered a solid start to the year, with double-digit comparable sales and system-wide sales growth. Top line sales momentum translated into bottom line growth for our franchisees and our company. I am confident in our plans for future growth and would like to thank our teams who are focused on improving operations and delivering a great guest experience every day at our restaurants." The Company is seeking additional qualified franchisees with strong financing for the Burger King brand.

 On March 31^st 2023, QSR posted assets of $22,526 million of which $16,705 million comprised goodwill, lease obligations and intangibles against long-term debt and leases of $15,035 million. The Company had an intraday market capitalization of $17,930 million on November 3^rd. QSR trades with a forward P/E of 13.3 and has ranged over a 52-week period from $46.68 to $61.79 with a 50-day moving average of $57.11.  Twelve-month trailing operating margin was 32.6 percent and profit margin 13.4 percent.  Return on assets over the trailing twelve months was 5.4 percent and the return on equity 29.6 percent. At close of trading on November 2^nd pre-release, QSR was priced at $58.18. At noon, post-release on November 3^rd QSR traded at at $59.04