Restaurant Brands expands Popeyes in China

Article Excerpt

Restaurant Brands has lots of room to expand internationally, especially through Firehouse Subs and Popeyes. A recent agreement opens up a big opportunity for one of those brands, Popeyes. RESTAURANT BRANDS INTERNATIONAL, $69.02, is a buy. The company (New York symbol QSR; TSI Rating: Average) (www.rbi.com; Shares outstanding: 478.0 million; Market cap: $31.6 billion; Dividend yield: 3.2%) earlier this year selected TH International Limited (“Tims China”) as the exclusive operator and developer of the Popeyes brand in mainland China. In August 2023, Tims China opened its first flagship restaurant in Shanghai. Popeyes reports that the Chinese location set an opening day record with 1,761 orders. Notably, the localized menu features new options that blend Cajun traditions with local Chinese tastes Meanwhile, Tims China plans to open at least 10 Popeyes restaurants in Shanghai this year and 1,700 across China over the next 10 years. For Restaurant Brands, the deal with Tims China lets it expand the Popeyes brand in China as part of its broader…