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Travelers order their meals in an automated order kiosk in the Burger King fast food chain.
Bundrul Chukrut | LightRocket | Getty Images
Restaurant Brands International announced Monday a quarterly profit below badysts' expectations, while the difficulties of Tim Hortons continue.
The company's shares fell by almost 4% in pre-market trading.
"Overall, we are confident in the long-term growth prospects of each of our three iconic brands and remain focused on delivering an exceptional customer experience while generating franchisees' profitability," he said. said CEO Jose Cil.
Here's what the company reported about what Wall Street was waiting for, according to an badyst poll by Refinitiv:
- Earnings per share: 55 cents adjusted against 58 cents expected
- Turnover: $ 1.27 billion against $ 1.26 billion
Burger King's parent company reported first-quarter net income of $ 246 million, or 53 cents a share, down from $ 278.6 million, or 59 cents a share, a year earlier. The company attributed this drop to higher tax expenses.
Excluding the costs related to the acquisition of Popeyes Louisiana Kitchen, the relocation of its support centers and other one-time expenses, Restaurant Brands posted a return of 55 cents per share, compared to the 58 cents expected by badysts from Refinitiv.
Net sales increased 1% to $ 1.27 billion, exceeding expectations by $ 1.26 billion. Restaurant Brands stated that currency fluctuations have resulted in a change in revenue.
Burger King and Popeyes reported same-store sales growth as estimates, but Tim Hortons went bankrupt. Burger King, the company's largest channel, saw same-store sales rise 2.2%, exceeding Wall Street expectations by 1.8%. Popeyes posted same-store sales growth of 0.6%, exceeding estimates by 0.1%.
Sales at Tim Hortons opened at least a year down 0.6%, but badysts expected comparable store sales growth of 2%. As the growth of the Canadian coffee chain slows in its domestic market, Restaurant Brands is trying to penetrate the booming Chinese market with its top three stores. Tim Hortons accounts for nearly 60% of the company's total sales.
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