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    John Zamparo • CIBC

    John Zamparo's questions to Restaurant Brands International Inc (QSR) leadership

    John Zamparo's questions to Restaurant Brands International Inc (QSR) leadership • Q2 2025

    Question

    John Zamparo of Scotiabank inquired about the path to growing Burger King U.S. franchisee profitability amid cost inflation and whether current initiatives like extended hours and modernization are sufficient to reach 2026 targets.

    Answer

    CFO Sami Siddiqui acknowledged the pressure from beef inflation but described it as a manageable and cyclical issue, drawing a parallel to the recent normalization of coffee prices. He expressed confidence that this cycle will reverse and that, combined with top-line initiatives and cost management, the company remains on track to improve franchisee profitability, with franchisees aligned with the long-term plan.

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    John Zamparo's questions to Gildan Activewear Inc (GIL) leadership

    John Zamparo's questions to Gildan Activewear Inc (GIL) leadership • Q2 2025

    Question

    John Zamparo of Scotiabank asked about the capital cost of the Central American capacity expansion and its impact on future CapEx. He also requested color on the weakness in international markets and the outlook for the second half.

    Answer

    President & CEO Glenn Chamandy clarified that the expansion would occur within the existing CapEx guidance (5% of sales) as it leverages current infrastructure. Regarding international markets, he noted they are smaller and have different dynamics. EVP & COO Chuck Ward added that Q2 faced tough comps and UK economic challenges, but POS has improved in early Q3, and the company remains confident in its long-term international growth targets.

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    John Zamparo's questions to Restaurant Brands International LP (RSTRF) leadership

    John Zamparo's questions to Restaurant Brands International LP (RSTRF) leadership • Q1 2024

    Question

    John Zamparo of CIBC World Markets asked about the performance of the Tim Hortons supply chain and CPG businesses, specifically seeking an update on when supply chain margins are expected to stabilize.

    Answer

    CFO Sami Siddiqui explained that Q1 is a seasonally small quarter for the supply chain, and the reported 17.5% margin was impacted by a bad debt expense. He clarified the normalized Q1 margin was closer to 18% and reiterated the full-year 2024 margin is expected to be around the 19% level achieved in 2022.

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    John Zamparo's questions to QSP.UN.TO leadership

    John Zamparo's questions to QSP.UN.TO leadership • Q1 2024

    Question

    John Zamparo from CIBC asked about the performance of the Tim Hortons supply chain and CPG businesses, specifically inquiring when supply chain margins are expected to stabilize.

    Answer

    CFO Sami Siddiqui explained that Q1 is a seasonally low quarter for the supply chain business due to fixed costs, resulting in a 17.5% margin. After normalizing for a bad debt expense, the margin was closer to 18%. He reiterated the full-year margin expectation is around 19%, in line with 2022 levels.

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