Burnaby residents have been talking a lot lately about seeing sticker shock at their local supermarkets on everything from fresh meat to fresh fruits and vegetables.
Grocery stores have blamed this on a variety factors, from staffing issues to the supply chain.
Now one of the biggest restaurant companies in Canada is warning customers that their prices are going up, hitting everything from Timbits to Whopper hamburgers.
Restaurant Brands International Inc., which runs multiple Tim Hortons, Burger King and Popeyes restaurants in Burnaby, including at Metropolis at Metrotown and in the Edmonds area, expects to raise prices this year.
José Cil, CEO of the company, said RBI has "not been immune" to the worker and inflation challenges sweeping the restaurant industry.
"Given the level of commodity costs and labour inflation we're seeing, we expect additional price increases in 2022," he said Tuesday during a call to discuss the company's latest financial results.
On the staffing shortage, Cil said RBI is working to simplify back-of-house processes and has developed plans to help with hiring and retention.
Matt Dunnigan, chief financial officer, said Tim Hortons saw a significant increase in commodity volatility in its latest quarter, leading to elevated levels of inflation.
But he said the coffee and doughnut chain also recorded healthy year-over-year growth, with sales improving throughout the quarter.
"We will continue to manage through the volatility that has extended into this year and ... remain focused on driving volume growth in a high quality way," Dunnigan said during the call.
RBI raised its dividend Tuesday as it reported its fourth-quarter profit and revenue rose compared with a year ago and topped expectations.
Revenue for the quarter totalled US$1.55 billion, up from US$1.36 billion in the last three months of 2020.
- With additional reporting by the Canadian Press
