Restaurant Brands Asia, the company managing the Burger King restaurant chain, recorded a net loss of INR 39.93 crore in the fourth quarter of the fiscal year 2024. This marks an improvement compared to the INR 55.89 crore loss reported in the same quarter of the preceding financial year.
The company disclosed in a regulatory filing that its total revenue amounted to INR 604.22 crore, reflecting a 14.7 percent increase from INR 526.33 crore in the corresponding quarter of the previous year. The company attributed its Q3 FY24 same-store sales growth (SSSG) of 2.6 percent to an increase in traffic.
In the quarter, Earnings Before Interest, Tax, Depreciation, and Amortization (EBIDTA) reached INR 68 crore, a significant increase from INR 30 crore. The EBIDTA margin also rose to 11.3 percent, compared to the 5.6 percent recorded in the same period last year.
Continue Exploring: Burger King’s parent RBI to acquire Carrols Restaurant Group for $1 Billion
Additionally, the Board of Directors has approved the appointment of Mr. Yash Gupta as an additional non-executive and independent director on the Company’s Board, effective from January 29.
In the third quarter of FY24, the company unveiled 38 new restaurants and closed one, with the majority of openings taking place in the latter half of December 2023. As of December 31, 2023, there were 441 operational restaurants, and at present, the count stands at 452 operational restaurants. Additionally, as of December 31, 2023, the company had 334 BK Café locations.
Moreover, the company has introduced “King’s Journey” digital experience restaurants, incorporating Self-Ordering Kiosks, App Ordering, and Table Service. Currently, there are 68 King’s restaurants, with a targeted 100 percent rollout by FY25.
On January 29, the closing share price of Restaurant Brands Asia on BSE experienced a 2.85 percent decline, reaching INR 114.20.
