RBI Nears 30,000 Restaurants as Burger King, Tim Hortons and Popeyes Reach RMB 224.5 Billion in 2021 System Sales

This is an English adaptation of a FoodBud historical article originally published on February 20, 2022.

Restaurant Brands International, the parent company of Burger King, Tim Hortons and Popeyes, reported its fourth-quarter and full-year 2021 results. During 2021, RBI also acquired Firehouse Subs for $1 billion after talks with Subway did not result in a deal, expanding its core brand portfolio from three brands to four.

By year-end 2021, RBI's system had reached 29,456 restaurants, close to 30,000 globally. The company opened 1,200 net new restaurants during the year.

CEO José Cil said he was proud of the rapid growth in the restaurant base and digital business. RBI's digital-channel sales reached $10 billion in 2021, accounting for 30% of total system sales.

RBI's market capitalization was reported at $17.63 billion, equivalent to RMB 111.5 billion.

2021 System Sales and Revenue

According to RBI's financial report, Burger King, Tim Hortons and Popeyes generated combined systemwide sales of $35.495 billion in 2021, equivalent to RMB 224.5 billion, up 13.8% year on year.

• Burger King: $23.45 billion in systemwide sales, up 15.9% year on year.
• Tim Hortons: $6.526 billion, up 12.5%.
• Popeyes: $5.52 billion, up 7.3%.

Newly acquired Firehouse Subs generated $1.091 billion in 2021 systemwide sales. Its annual sales per restaurant were $900,000, comparable sales grew 21% year on year, and digital channels accounted for more than 27% of sales. RBI said it expected Firehouse Subs to continue growing rapidly over the following years.

RBI's total 2021 revenue was $5.74 billion, including $1.55 billion in the fourth quarter. By brand, Tim Hortons generated $3.34 billion in full-year revenue, Burger King $1.813 billion and Popeyes $580 million. Full-year net income attributable to common shareholders was $1.25 billion.

Store Counts by Brand

At the end of the quarter, RBI's brand footprints were:

• Tim Hortons: 5,291 restaurants.
• Burger King: 19,247 restaurants.
• Popeyes: 3,705 restaurants.
• Firehouse Subs: 1,213 restaurants, including 1,164 in the United States and 49 in international markets; net new openings in 2021 were 19.

Burger King: 622 Net New Restaurants

Burger King's global restaurant base grew 3.3% net in 2021, adding 622 net new restaurants. The brand ended 2020 with 18,625 restaurants and ended 2021 with 19,247.

Of that total, Burger King had 7,105 restaurants in the United States, with 24 net new openings in 2021, and 12,142 restaurants in international markets, with 628 net new openings.

Burger King's 2021 revenue included $64 million from company-operated restaurants, $1.3 billion from franchise operations and $448 million from advertising. Advertising expense was $450 million.

Tim Hortons: 342 Net New Restaurants

Tim Hortons added 342 net new restaurants in 2021, reaching 5,291 restaurants globally. Canada accounted for 3,949 restaurants, with 13 net additions during the year, while international markets accounted for 1,342 restaurants, with 329 net additions.

Tim Hortons' 2021 revenue included $2.25 billion from company-operated restaurants, $864 million from franchise operations and $229 million from advertising.

On Tims coffee, José Cil said the brand had expanded to 13 countries. In China, Tims Coffee added 342 net new restaurants in 2021, reaching 390 restaurants by year-end, and passed 400 restaurants in January 2022.

Cil expressed confidence in the China expansion and noted that digital channels accounted for about 90% of Tims China's revenue. Analysts cited in the source estimated Tims China's annual sales per restaurant at around $450,000 to $500,000.

In Canada, Tim Hortons' fourth-quarter 2021 sales rose 11.3% year on year. Digital sales continued to grow and exceeded one-third of systemwide sales. Active loyalty members reached 4.5 million in the fourth quarter, up more than 50% year on year.

Popeyes: 254 Net New Restaurants

Popeyes generated $579 million in 2021 revenue, including $64 million from company-operated restaurants, $283 million from franchise operations and $232 million from advertising.

In 2021, Popeyes had 2,754 restaurants in the United States, with 146 net new openings, and 951 restaurants in international markets, with 108 net new openings.

The year marked a new milestone for Popeyes: its combined restaurant count in the United States and Canada exceeded 3,000, and the brand reached a new high in total store count. RBI said Popeyes planned to continue expanding in markets including India, the United Kingdom, Saudi Arabia and France.

Note: acquisition, market-value and forward-looking expansion figures are historical and reflect the article's February 2022 context.