Jeffrey Bernstein
Barclays Bank PLC, Research Division
Good morning, everyone, and thank you for joining us, both in the room and on the webcast. My name is Jeff Bernstein, and I’m the restaurant and foodservice distribution analyst here at Barclays. I want to welcome all to day 2 of our 11th Annual Eat, Sleep, Play, Shop Conference. Just for background, we’re excited to have 12 restaurant and food service distribution companies here with us in New York. Yesterday, we had Bloomin’, First Watch and Kura Sushi. Today, we have Restaurant Brands actually sitting up here with next to me, along with Cheesecake Factory, Dine Brands and Texas Roadhouse. And tomorrow, we have Shake Shack, Brinker, Wendy’s, McDonald’s and Performance Food Group. So we hope you find the conference a good use of time. And hopefully, we’ll get a chance to chat in the halls between meetings. But at this point, I’d like to introduce our first presenting company, which is Restaurant Brands International. With me on stage from Miami, Florida, we have Josh Kobza, CEO; and Sami Siddiqui, CFO.
By way of background, for those not familiar, Restaurant Brands is a multinational quick service portfolio comprised of 4 well-known brands: Tim Hortons, Burger King, Popeyes and Firehouse Subs. Their longer-term algorithm calls for annual 8% plus system sales growth that’s supported by both positive 3% or so comp growth and over time, 5% or so net unit growth. The latter will likely benefit from recent news of a JV partnership with CPE, which is a new Burger King master franchisee in China, which we look forward to
