Restaurant Brands International – the Canadian parent of Burger King, Tim Hortons, Firehouse Subs and Popeyes – is aiming to reach 40,000 locations and system-wide sales of $60 billion by 2028.

Over the next five years, the company expects to record average annual results of 3 per cent plus comparable sales, 5 per cent plus net restaurant growth and 8 per cent plus system-wide sales growth.

The firm recently announced revenue of $7 billion and a 12.2 per cent growth in system-wide sales for FY23. The total store count stood at approximately 31,000 across more than 100 countries.

“Our four iconic brands have strong restaurant fundamentals and clear runways for growth,” said Josh Kobza, CEO of Restaurant Brands International.

“Our long-term investment horizon should result in compelling business performance and drive at least low double-digit annual total shareholder returns over the next five years.”  

For the Tim Hortons brand, Restaurant Brands expects the US business to be the largest contributor of net restaurant growth in its home markets, which include the US and Canada.

Regarding Burger King, the company has made a financial commitment to shift the franchise system towards smaller operators who live close to their restaurants. This includes the pending acquisition of Carrols Restaurant Group and the re-franchising of its approximately 1000 restaurants, expected to be completed within five to seven years.

Popeyes expects to grow its US and Canada restaurant base with top restaurant operators from nearly 3400 in 2023 to over 4200 restaurants by 2028. Firehouse Subs will also add some 800 new stores in those two markets over the next five years.

The international segment, which includes all operations of all brands outside the US and Canada, will see at least 7000 new restaurants over the outlook period.