RBI, owner of Tim Hortons, announces 87% rise in profits
It has been announced that Canada-based restaurant chain, Restaurant Brands International (RBI), has experienced an 87% increase in profits during its second quarter, CTV News reports.
RBI, who own major restaurants such as Tim Hortons and Burger King, has seen an increase in sales due to its upgrade of Tim Hortons that has helped generate more business.
In April, the company confirmed it would invest $700mn to renovate its stores over a four-year period following concerns it wasn’t appealing to younger customers.
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RBI’s chief executive officer, Daniel Schwartz, told The Canadian Press: “We have seen a pretty big shift for the better in our relationship with our Canadian restaurant owners over the last six months.”
Tim Hortons saw its sales remain flat for the quarter which is an upgrade on last year when the firm suffered a 0.8% dip.
Last month, it was announced that Tim Horton’s will serve all-day breakfast due to a rise in demand in the restaurant.
RBI achieved $169.1mn in net income in the three-month quarter which ended in June, which showed a considerable increase from the $89.5mn it showed the year before.