Stocks of Burger King parent company decline after profit loss

Restaurant Brands International announced Monday a quarterly profit below analysts' expectations, but sales exceeded estimates.

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 analyst 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 the decrease last year to an increase in its income tax expense.

Excluding costs related to the acquisition of Popeyes Louisiana Kitchen, the relocation of its support centers and other costs, Restaurant Brands achieved a return of 55 cents per share, compared to 58 cents per share expected by analysts of Refinitiv.

Net sales increased 1% to $ 1.27 billion, exceeding expectations by $ 1.26 billion. Restaurant Brands stated that currency fluctuations had resulted in a change in revenues.

Both Burger King and Popeyes reported same-store sales growth as the 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%.