Burger King to spend $400 million in 2 years to 'Reclaim the Flame'
Restaurant Brands International Inc.'s Burger King Co. said Friday that it will invest $400 million over the next two years on its "Reclaim the Flame" plan, aimed at accelerating sales growth and improving franchisee profits. The plan includes $150 million in advertising and digital investments $250 million on restaurant technology, kitchen equipment, building enhancements and remodels and relocations. The fast-food burger chain expects these investments to lower 2023 and 2024 adjusted earnings per share by about 10 cents to 20 cents. "Burger King is refreshing and modernizing its brand, adding meaning and relevance to historical brand anchors like 'Flame Grilling' and 'Have it Your Way', while also introducing new brand elements to broaden its attraction for a younger and more diverse base of guests," the company said in a statement. Restaurant Brands' stock, which gained 0.8% in afternoon trading, has soared 18.7% over the past three months while the S&P 500 has edged up 1.2%.
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