1

Restaurant Brands CEO on Taco Bell's Mexican Pizza: 'We have four amazing brands...

 1 year ago
source link: https://finance.yahoo.com/news/burger-king-ceo-on-taco-bell-mexican-pizza-182636833.html
Go to the source link to view the article. You can view the picture content, updated content and better typesetting reading experience. If the link is broken, please click the button below to view the snapshot at that time.
Restaurant Brands International CEO: Pent-up demand in Canada an ‘upside for the business’
 us fresh off his earnings call. 
aa44fdb0-140a-11ed-afdd-55ffc9864482
Scroll back up to restore default view.

Restaurant Brands CEO on Taco Bell's Mexican Pizza: 'We have four amazing brands'

Brian Sozzi
·Anchor, Editor-at-Large
Sun, August 7, 2022, 3:26 AM·3 min read
In this article:
  • -1.33%
  • -0.54%
  • +0.85%
Sign in to add to watchlist
Sign in to add to watchlist
Sign in to add to watchlist

Ask the ultra-competitive CEO of Restaurant Brands — which owns Burger King, Popeyes, Firehouse Subs and Tim Hortons — about the Taco Bell Mexican Pizza craze sweeping the country, and he won't even mention the fast-food by name.

"We have four amazing brands that offer amazing products," Restaurant Brands CEO José Cil told Yahoo Finance Live when asked how he would respond to the Mexican Pizza (video above). "Our culinary team is now looking to continue to innovate and drive guests in with new ideas, but also ensuring that our franchisees do this every day, deliver core products that people love. So the Whopper the Popeyes chicken sandwich, the Hook & Ladder at Firehouse, and the loaded bowls and wraps at Tim Horton's in addition to cold beverages and donuts. That's what we are good at and need to focus on, and delivering that consistently will drive consistent growth for our brands."

Taco Bell owner Yum! Brands said this week Taco Bell U.S. same-store sales rose 8% in the second quarter, fueled by the chain selling 20 million Mexican Pizzas. The menu item — which was discontinued in November 2020 — has proven so popular Taco Bell will bring it back in the fall permanently.

IRVINE, CA - SEPTEMBER 12:  Taco Bell's Mexican Pizza remains a popular item and menu staple.  (Photo by Joshua Blanchard/Getty Images for Taco Bell)
IRVINE, CA - SEPTEMBER 12: Taco Bell's Mexican Pizza remains a popular item and menu staple. (Photo by Joshua Blanchard/Getty Images for Taco Bell)

Sales at U.S. Taco Bell stores open at least a year jumped 8% in the three months ending June 30. In that period, Taco Bell sold more than 20 million Mexican Pizzas across the country and saw loyalty membership grow 10%, driven largely by customers' desire for early access to the product.

"Really the benefit of things like the Mexican Pizza is the connection it has with consumers, the love they have for the product and the halo it provides to the brand," Yum! Brands CEO David Gibbs said on the company's earnings call.

And despite economic stresses weighing on lower-income consumers, Restaurant Brands' solid second quarter suggests it may not need to dazzle up its menu with social media friendly foods a-la Taco Bell.

Same-store sales rose 12.2% at Tim Hortons on the back of new menu items like food bowls in Canada, 10% at Burger King due to overseas momentum, and 1.4% at Popeyes. Sales at all three fast-food chains beat Wall Street analyst estimates handily. The company beat analyst sales estimates by $70 million and earnings per share projections by 9 cents.


About Joyk


Aggregate valuable and interesting links.
Joyk means Joy of geeK