In the first quarter, Burger King closed a net 124 U.S. locations or 1.7%, to end the quarter with just under 7,000 U.S. restaurants.
and growing comparable sales internationally, in the US it has struggled with bankruptcies by two big franchisees.
This year, the brand is seeking additional franchisees with stronger finances but still expects to close between 300 and 400 more restaurants, CEO Joshua Kobza said during a call with investors.“There will always be a minority who aren’t dedicated, enthusiastic operators,” Chairman Patrick Doyle said on the call.
The company’s global comparable sales rose nearly 10% in the March quarter, versus analysts’ estimates of 6.5% according to Refinitiv IBES data.Shares were up 0.6% just before noon Eastern time on Friday.Big restaurant chains have posted strong sales in the first quarter despite rising concerns about consumer spending power this year amid stubbornly high inflation.
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