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OAKVILLE, ON, Aug. 1, 2018 /CNW/ - Restaurant Brands International Inc. (TSX/NYSE: QSR, TSX: QSP) today reported financial results for the second quarter ended June 30, 2018.

Daniel Schwartz, Chief Executive Officer of Restaurant Brands International Inc. ("RBI") commented, "During the second quarter, we continued to grow each of our three iconic brands, and we made good progress against the 2018 priorities that we outlined last quarter. At Tim Hortons, we have implemented a number of initiatives under our 'Winning Together' plan - including the launch of Breakfast Anytime - which we believe will drive improved comparable sales over the long run. We also delivered strong system-wide sales growth at Burger King and Popeyes, driven by accelerated net restaurant growth. We are very optimistic about the long-term growth potential for each of our brands and remain focused on driving improved guest satisfaction and franchisee profitability."

Consolidated Operational Highlights

  Three Months Ended June 30,
  2018   2017
  (Unaudited)
System-wide Sales Growth  
  TH                                                  2.2%   2.6%
  BK 8.4%   10.6%
  PLK 10.7%   3.3%
System-wide sales (in US$ millions)      
  TH $ 1,741.7   $ 1,645.9
  BK $ 5,403.4   $ 4,961.1
  PLK $ 937.6   $ 890.4
Comparable Sales      
  TH —%   (0.8)%
  BK 1.8%   3.9%
  PLK 2.9%   (2.7)%
Net Restaurant Growth      
  TH 3.0%   4.3%
  BK 6.4%   6.0%
  PLK 7.5%   5.3%
System Restaurant Count at Period End      
  TH 4,794   4,655
  BK 17,022   16,000
  PLK 2,975   2,768

Note: System-wide sales growth and comparable sales are calculated on a constant currency basis and include sales at franchise restaurants and company-owned restaurants. System-wide sales are driven by sales at franchised restaurants, as approximately 100% of current restaurants are franchised. We do not record franchise sales as revenues; however, our franchise revenues include royalties based on a percentage of franchise sales.

Consolidated Financial Highlights

  Three Months Ended June 30,
(in US$ millions, except per share data) 2018   2018   2017    
  New Standard   Previous Standards   Previous Standards    
  (Unaudited)
Total Revenues $ 1,343.4   $ 1,144.3   $ 1,132.7    
Net Income Attributable to Common Shareholders $ 167.6   $ 169.1   $ 89.5    
Net Income Attributable to Common Shareholders and Noncontrolling Interests $ 314.0   $ 316.8   $ 175.6    
Diluted Earnings per Share $ 0.66   $ 0.67   $ 0.37    
               
TH Adjusted EBITDA(1) $ 285.5   $ 288.6   $ 281.1    
BK Adjusted EBITDA(1) $ 236.4   $ 232.0   $ 216.8    
PLK Adjusted EBITDA(1) $ 40.2   $ 42.5   $ 33.2    
Adjusted EBITDA(2) $ 562.1   $ 563.1   $ 531.1    
               
Adjusted Net Income(2) $ 313.2   $ 312.4   $ 241.7    
Adjusted Diluted Earnings per Share(2) $ 0.66   $ 0.66   $ 0.51    
(1) TH Adjusted EBITDA, BK Adjusted EBITDA and PLK Adjusted EBITDA are our measures of segment profitability.
(2) Adjusted EBITDA, Adjusted Net Income, and Adjusted Diluted Earnings per Share are non-GAAP financial measures. Please refer to "Non-GAAP Financial Measures" for further detail.

Effective January 1, 2018, we adopted the new revenue recognition accounting standard ("New Standard"). Our consolidated financial statements for 2018 reflect the application of the New Standard, while our consolidated financial statements for 2017 were prepared under the guidance of previously applicable accounting standards ("Previous Standards"). Our results presented herein indicate which revenue recognition methodology applies in each respective period.

The implementation of the New Standard impacted our year-over-year results on a consolidated basis and for each segment as follows:

  • Total Revenues increased primarily as a result of the inclusion of advertising fund contributions
  • Selling, General, and Administrative Expenses increased as a result of the inclusion of advertising fund expenditures

Under Previous Standards, Total Revenues for the second quarter grew primarily as a result of system-wide sales growth, as well as a favorable impact of FX movements, partially offset by a decrease in supply chain related revenues at TH.

Net Income Attributable to Common Shareholders for the quarter, under both Previous Standards and the New Standard, was driven by growth in segment income, the change in other operating expenses (income), net (driven by FX), and the redemption of our preferred shares in December of 2017.

Under Previous Standards, Adjusted EBITDA for the quarter grew 3.7% on an organic basis versus prior year results, driven primarily by an increase in revenues at BK and PLK, partially offset by a decrease in supply chain related revenues at TH.

TH Segment Results

  Three Months Ended June 30,
(in US$ millions) 2018   2017
  New Standard   Previous Standards
  (Unaudited)
System-wide Sales Growth   2.2%     2.6%
System-wide Sales $ 1,741.7   $ 1,645.9
Comparable Sales   —%     (0.8)%
           
Net Restaurant Growth   3.0%     4.3%
System Restaurant Count at Period End   4,794     4,655
           
Sales $ 548.0   $ 553.9
Franchise and Property Revenues $ 275.0   $ 218.4
Total Revenues $ 823.0   $ 772.3
           
Cost of Sales $ 417.4   $ 417.1
Franchise and Property Expenses $ 68.8   $ 79.8
Segment SG&A $ 80.3   $ 22.2
Segment Depreciation and Amortization $ 25.8   $ 24.7
Adjusted EBITDA(1)(3) $ 285.5   $ 281.1
(3) TH Adjusted EBITDA includes $3.2 million of cash distributions received from equity method investments for the three months ended June 30, 2018 and 2017.

For the second quarter of 2018, system-wide sales growth was primarily driven by net restaurant growth of 3.0%. Comparable sales were flat, including Canada comparable sales of 0.3%.

Under Previous Standards, Total Revenues for the quarter declined (0.3)% ((3.8)% excluding the impact of FX movements) versus prior year, primarily reflecting a decrease in supply chain related revenues, partially offset by a favorable impact of FX movements.

Under Previous Standards, Adjusted EBITDA for the quarter increased 2.7% ((1.0)% excluding the impact of FX movements) versus prior year, primarily as a result of a favorable impact of FX movements, partially offset by a decrease in Total Revenues.

BK Segment Results

  Three Months Ended June 30,
(in US$ millions) 2018   2017
  New Standard   Previous Standards
    (Unaudited)
System-wide Sales Growth   8.4%     10.6%
System-wide Sales $ 5,403.4   $ 4,961.1
Comparable Sales   1.8%     3.9%
           
Net Restaurant Growth   6.4%     6.0%
System Restaurant Count at Period End   17,022     16,000
           
Sales $ 18.9   $ 25.2
Franchise and Property Revenues $ 399.2   $ 268.5
Total Revenues $ 418.1   $ 293.7
           
Cost of Sales $ 16.7   $ 23.9
Franchise and Property Expenses $ 31.4   $ 31.6
Segment SG&A $ 145.5   $ 34.1
Segment Depreciation and Amortization $ 11.9   $ 12.7
Adjusted EBITDA(1) $ 236.4   $ 216.8

For the second quarter of 2018, system-wide sales growth was driven by net restaurant growth of 6.4% and comparable sales of 1.8%, including US comparable sales of 1.8%.

Under Previous Standards, Total Revenues for the quarter grew 4.3% (3.3% excluding the impact of FX movements) versus prior year, reflecting growth in system-wide sales.

Under Previous Standards, Adjusted EBITDA for the quarter grew 7.0% (6.3% excluding the impact of FX movements) versus prior year, primarily as a result of an increase in Total Revenues.

PLK Segment Results

  Three Months Ended June 30,
(in US$ millions) 2018   2017
     New Standard      Previous Standard
  (Unaudited)
System-wide Sales Growth   10.7%     3.3%
System-wide Sales $ 937.6   $ 890.4
Comparable Sales   2.9%     (2.7)%
           
Net Restaurant Growth   7.5%     5.3%
System Restaurant Count at Period End   2,975     2,768
           
Sales $ 19.3   $ 23.0
Franchise and Property Revenues $ 83.0   $ 43.7
Total Revenues $ 102.3   $ 66.7
           
Cost of Sales $ 14.8   $ 19.2
Franchise and Property Expenses $ 2.2   $ 2.3
Segment SG&A $ 47.6   $ 14.4
Segment Depreciation and Amortization $ 2.5   $ 2.4
Adjusted EBITDA(1) $ 40.2   $ 33.2

For the second quarter of 2018, system-wide sales growth was driven by net restaurant growth of 7.5% and comparable sales of 2.9%, including US comparable sales of 1.8%.

Under Previous Standards, Total Revenues for the quarter grew 1.6% (1.8% excluding the impact of FX movements) versus prior year, reflecting growth in system-wide sales.

Under Previous Standards, Adjusted EBITDA for the quarter grew 28.0% (28.4% excluding the impact of FX movements) versus prior year, as a result of an increase in Total Revenues as well as effective cost management.

Cash and Liquidity

As of June 30, 2018, total debt was $12.2 billion, and net debt (total debt less cash and cash equivalents of $1.0 billion) was $11.3 billion. The RBI Board of Directors has declared a dividend of $0.45 per common share and partnership exchangeable unit of Restaurant Brands International Limited Partnership for the third quarter of 2018. The dividend will be payable on October 1, 2018 to shareholders and unitholders of record at the close of business on September 7, 2018.

Investor Conference Call

We will host an investor conference call and webcast at 8:30 a.m. Eastern Time on Wednesday, August 1, 2018, to review financial results for the second quarter ended June 30, 2018. The earnings call will be broadcast live via our investor relations website at http://investor.rbi.com and a replay will be available for 30 days following the release. The dial-in number is (877) 317-6711 for U.S. callers, (866) 450-4696 for Canadian callers, and (412) 317-5475 for callers from other countries.

 
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OLIVER, BC, July 31, 2018 /CNW/ - Road 13 Vineyards toasts to the coveted title of #1 Winery in Canada to ten years of consecutive titles as a Top Ten Winery in Canada at the National Wine Awards of Canada which has been managed by Wine Align since 2013. The family-owned winery is elated with a platinum win amongst the 15 medals awarded and the titles of number one winery in both British Columbia and Canada

Road 13 Vineyards is the only winery in Canada to win both platinum and a top-ten national spot for six consecutive years. Road 13 boasts nine platinum medal wins since their induction into the awards in 2013 - double that of any competing winery across the nation. 

This year marked the largest showing with 1,850 entries from 257 different wineries from seven provinces. Road 13 Vineyards was awarded platinum for the 2016 Roussanne. Fourteen additional medals were awarded to wines within the Road 13 Vineyards portfolio of red, white, sparkling and rosé wines including eight gold, two silver and four bronze. No other winery has received as many gold medals within a single year since 2013.

"We are so delighted with this win," shares Managing Partner, Joseph Luckhurst.  "Our team's tireless dedication to excellence has really paid off, as has following our passion for Rhone-style wines." Road 13 Vineyards has turned their focus to Rhone style varietals of late with real success. The Rhone varietals have consistently shown the highest quality of fruit in the vineyards and reflect characteristics of old world complexity and new world fruit intensity. "A platinum medal for the 2016 Roussanne is proof of our understanding of the best way to express our distinctive terroir in the glass."

Award Highlights Include: 

Platinum  - Road 13 Vineyards 2016 Roussanne 
Gold - Road 13 Vineyards 2017 Chip off the Old Block Chenin Blanc 
Gold - Road 13 Vineyards 2016 Syrah
Gold - Road 13 Vineyards 2013 5th Element 
Gold - Road 13 Vineyards 2014 Jackpot Petit Verdot 
Gold - Blind Creek Collective 2015 Consensus 
Gold - Blind Creek Collective 2016 Cabernet Franc 
Gold - Blind Creek Collective 2016 Petit Verdot 
Gold - Blind Creek Collective 2017 Viognier 
Silver -  Road 13 Vineyards 2016 GSM 
Silver -  Blind Creek Collective 2016 Cabernet Sauvignon 
Bronze - Road 13 Vineyards 2016 Seventy-Four K 
Bronze - Road 13 Vineyards 2016 Jackpot Syrah 
Bronze - Road 13 Vineyards 2016 Cabernet Merlot 
Bronze - Blind Creek Collective 2016 Chardonnay

Held annually in June, the National Wine Awards of Canada (NWAC) are only open to wines grown and produced in Canada. The goal of 'The Nationals' is to expose Canadian wine drinkers to the best in Canadian wines. With no price restrictions each winery has the opportunity to compete with the best wines in the country. For more winery information, visit www.road13vineyards.com. Bottle images available upon request.

SOURCE Road 13 Vineyards

For further information:

Kate Colley, 604.644.7976, This email address is being protected from spambots. You need JavaScript enabled to view it.

 
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TORONTO, July 30, 2018 – Restaurants Canada, the largest association representing Canadian businesses in the foodservice sector, is calling on everyone across the country and beyond to join in this year’s celebration of Food Day Canada on Saturday, Aug. 4.

“With all the uncertainty surrounding international trade relations, this harvest season is an especially important time for all of us to come together in support of Canadian food,” said Shanna Munro, president and CEO of Restaurants Canada. “We are extremely proud of our partnership with Food Day Canada. The work they are doing to promote Canadian terroir is not only putting Canada on menus here at home and around the world, but is also putting our country on the map as a destination for culinary tourism.”

Started 15 years ago by Anita Stewart, an educator and writer who has been advocating on behalf of Canadian cuisine for decades, Food Day Canada / Journée des terroirs is a mid-summer day of action that gives Canadians a platform to share their distinct and diverse culinary culture with each other and the world.

“It began as the World’s Longest Barbeque in the summer of 2003, as an act of solidarity with cattle farmers across the country who were suffering under a worldwide ban on Canadian beef exports,” said Stewart. “Our actions here at home helped put Canadian beef back on plates around the world: The first person to light up a grill was in Japan, then the event followed the sun until it ended in Victoria, British Columbia. From the embers of that success, Food Day Canada was born.”

Canada is the world’s fifth largest exporter of agriculture products, which means Canadian farming communities largely depend on foreign markets for their livelihood. Food Day Canada challenges Canadians to help increase appetites for Canadian cuisine around the world by celebrating their local heroes and the unique food they produce.

Joining in is easy. Here are some ways the team behind Food Day Canada has made it simple to shop like a Canadian, cook like a Canadian and eat like a Canadian:

As inspiration for foodservice professionals interested in participating, Restaurants Canada is profiling Canadian chefs who are taking part in Food Day Canada at http://www.menumag.ca/.

After the annual event comes to a close on Aug. 4, Restaurants Canada will continue to work with Anita Stewart and the team behind Food Day Canada to educate foodservice operators about ways to keep Canadian ingredients on their menus all year round.

Quick facts

  • According to Statistics Canada, approximately one fifth of spending ($3.8 billion) by international travellers in Canada is on food and beverages.
  • Canada's food service industry generates $85 billion in annual sales and employs more than 1.2 million Canadians.
  • Canada's restaurants provide more first jobs than any other industry: 22 percent of Canadians get their career start in a restaurant or food service business.
  • In 2016, Canada's agriculture and agri-food sector employed 2.3 million people, representing 12.5% of Canadian employment.

SOURCE: Innovation, Science and Economic Development Canada

 
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VANCOUVER, BC — They say you can’t keep a good Mary down. Just in time for Pride, Mary’s on Davie—the evolution of an iconic Vancouver restaurant—opened today at 1202 Davie Street.

After an extensive renovation, a bold new design concept, and a totally reinvented menu, Mary’s on Davie is primed to become a fabulous food and drink destination for locals and visitors alike. Part upscale neighbourhood diner, part sassy brunch spot, and 100% part of the community, Mary’s on Davie is a place where everyone’s a little bit Mary.

“Mary’s is back in a big way,” explained marketing director, co-owner, and Mary-in-Chief Astrid O. Lalonde. “We’re absolutely thrilled to introduce this new restaurant to our neighbourhood, showcase our fantastic new menu, and give back to our communities. There’s so much history to share, and countless new memories to create—we hope you’ll pop in and discover your inner Mary.”

Menu items like burgers, eggs benny, Mary’s perogies, and croque madame offer a classic diner experience with a twist. Whether brunching with friends, or winding up after the club — Mary’s is here for you.

The restaurant’s new brand was designed by BSTRO, a Vancouver and San Francisco-based marketing agency specializing in LGBTQ2+ projects and brand identities like the West End Business Improvement Association. The restaurant’s decor was brought to life by Raw Interior Design with the Davie Village in mind—from the interior colour palette that pays homage to Jim Deva Plaza, to the transgender-inclusive washroom facilities, to the bright, bold retro bar stools perfectly designed for conversation and sharing a moment.

Mary’s on Davie opened today at 11am.

 
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MCLEAN, VA. (PRWEB) JULY 26, 2018

The Hospitality Sales and Marketing Association International (HSMAI) is pleased to announce a partnership with Level60 Consulting (Level60) to offer hospitality faculty members a course and classroom tools to teach revenue management, leading to a new HSMAI student certification.

Designed expressly for faculty, the course and classroom tools will enable full-time and adjunct professors to customize existing classes or create new classes with the most current principles of revenue management. All instructional materials are provided free of charge and designed to be easily imported into learning management systems such as BlackBoard, Canvas, Moodle, and others. Instructional materials are fully integrated with exercises and quizzes, as well as a revenue management simulation game (RMSimulator.com) designed expressly for the teaching of revenue management, distribution, and pricing principles in competitive environments.

Once students complete the class, they will qualify for the new HSMAI Certified Revenue Management Analyst (CRMA) designation. This certification will be a key indicator to the industry that these individuals understand and have practiced core revenue management concepts. This will positively impact the talent pipeline for hospitality revenue management.

“We’re excited about the opportunity to partner with HSMAI and bring revenue management principles and practices to a broader audience,” shares Level60 partner and revenue management expert, Chris K. Anderson, Ph.D.

The addition of a student certification in revenue management complements HSMAI’s fleet of other educational products for revenue management education, including the CRME (Certified Revenue Management Executive), the industry’s most recognized and respected designation for revenue management professionals. The Ro2Win online learning modules were designed primarily for non-revenue managers to learn about the discipline and Revenue Ready was developed for entry-level professionals and students.

“We are excited that our revenue management advisory boards in Europe, Asia Pacific, and the Americas Regions of HSMAI have all endorsed the premise of a certification for hospitality students,” said Robert A. Gilbert, CHME, CHA, president and CEO of HSMAI. “The acute need to accelerate the pipeline of revenue management talent exists around the globe. Graduating students with a CRMA designation on their resume will now be able to easily distinguish themselves to this industry as individuals who understand the fundamentals of hotel revenue optimization,” he added.

For more information on the certification or to become an academic participant please contact us at visit http://www.hsmai.org/crma.

 

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