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Stock performance of Restaurant Brands International post-expansion announcement by end of 2024
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Burger King to Reach 85%-90% Modern U.S. Image by 2028 with New $300M Investment
Apr 30, 2024, 10:32 AM
Burger King, under its parent company Restaurant Brands International, has announced a significant expansion in its remodeling program with an additional investment of $300 million. This investment aims to modernize 85%-90% of its U.S. restaurants by 2028, building on an initial commitment of $250 million and the acquisition of Carrols which includes 600 restaurant upgrades. The Carrols deal is expected to be completed later this month. The company's Q1 earnings exceeded expectations, reporting an adjusted EPS of $0.73 against an estimate of $0.72 and sales of $1.739 billion, surpassing the forecasted $1.703 billion. Patrick Doyle, a key figure in the initiative, emphasized the importance of a uniform modern image across all locations to enhance customer experience and mentioned the double-digit sales lift per remodel.
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