A general view of a Tim Hortons drive-thru cafe and restaurant at Lakeside Retail Park on February 5, 2024 in Grays, United Kingdom.
John Keeble |
Restaurant Brands International reported quarterly revenue on Thursday that beat analysts’ expectations, driven by better-than-expected sales at Tim Hortons and the corporate’s international restaurants.
The company’s shares fell lower than 1 percent in premarket trading.
Here’s what the corporate reported in comparison with Wall Street expectations, based on an analyst survey conducted by LSEG:
- Earnings per share: 86 cents adjusted in comparison with 87 cents expected
- Revenue: $2.08 billion in comparison with expected $2.02 billion
Restaurant Brands reported second-quarter net income of $399 million, or 88 cents per share, compared with $351 million, or 77 cents per share, a yr earlier.
Excluding special items, the corporate earned 86 cents per share.
Net sales rose 17 percent to $2.08 billion, boosted by recent acquisitions of Burger King restaurants within the U.S. The company’s comparable-store sales increased 1.9 percent.
Of the 4 Restaurant Brands chains, Tim Hortons performed best with like-for-like sales growth of 4.6%. Popeyes’ like-for-like sales increased by 0.5%.
Both Burger King and Firehouse Subs reported comparable-store sales declines of 0.1% for the quarter.
Restaurant Brands’ international locations recorded like-for-like sales growth of two.6%.
Two days before the tip of the quarter, Restaurant Brands accomplished the acquisition of Popeyes China, which might be included in next quarter’s results. The company’s latest Restaurant Holdings segment includes the performance of Popeyes China and the restaurants it acquired from Carrols, Burger King’s largest U.S. franchisee, before Restaurant Brands bought it.
