Financial Data and Key Metrics Changes - The company aims for an annual system sales growth of 8%+, supported by approximately 3% comparable sales growth and around 5% net unit growth over time [2] - The international business has shown strong performance, with 18 consecutive quarters of positive same-store sales [16][44] Business Line Data and Key Metrics Changes - Tim Hortons in Canada has been performing exceptionally well, being the number one brand in value for money and convenience, with about 4,000 restaurants [39] - Burger King in the U.S. has maintained consistent promotions like the $5 Duos and $7 Trios, contributing to its performance despite a challenging environment [12][30] Market Data and Key Metrics Changes - The Canadian consumer environment has been stable, with some improvement in consumer confidence and a slight decrease in unemployment [6] - The U.S. lower-income consumer segment has been softer, while middle and upper tiers have shown more strength [7][8] Company Strategy and Development Direction - The company is focused on simplifying its business model, aiming to be predominantly asset-light and franchised, with significant steps taken in refranchising and partnerships [25][26] - The partnership with CPE in China is seen as a strategic move to enhance growth and operational efficiency in that market [50][53] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the competitive pressure from food at home versus food away from home, emphasizing the importance of value for money [10][11] - The company is optimistic about returning to modestly positive unit growth in 2026, with a focus on untapped potential in various international markets [67] Other Important Information - An Investor Day is scheduled for February 26, 2024, to provide further insights into the company's strategy and performance [14] - The company has seen significant growth in its international markets, particularly in France, Germany, and Australia, with ongoing expansion in India and China [44][46][48] Q&A Session Summary Question: How do you describe the health of the consumer across different groups? - Management noted a mixed environment, with lower-income consumers being softer while middle and upper tiers remain strong [6][7] Question: What is the company's strategy regarding pricing in the current environment? - The company has been prudent about pricing, focusing on value for money across its brands [11][12] Question: What are the key drivers of success for the company in the current environment? - Key drivers include value for money positioning, innovation in product offerings, and operational improvements [29][30] Question: What are the expectations for unit growth in the coming years? - The company expects to return to 5% unit growth by 2028, with modestly positive growth anticipated in 2026 [57][66]

Restaurant Brands International (RBI), the parent of fast-food chains Burger King and Popeyes, has announced two senior leadership changes within its US and Canada operations. These include the appointment of Peter Perdue as the new president of Popeyes, US and Canada. He will replace Jeff Klein, who will be departing the company. Perdue has been with RBI for 12 years and previously held the role of chief operating officer (COO) for Burger King US and Canada. As COO, he played a central part in the Recla ...