Restaurant Brands International Posts Mixed Q2 Financial Results
(MENAFN- Baystreet)
Canada's Restaurant Brands International (QSR), the parent company of Tim Hortons, has posted mixed financial results for this year's second quarter.
The Toronto-based company reported earnings per share of $0.86 U.S., which slightly missed Wall Street's target of $0.87 U.S.
Revenue in the quarter totaled $2.08 billion U.S., which was ahead of $2.02 billion U.S. that was expected among analysts who cover the company. Sales were up 17% from a year earlier.
The company, which also owns Burger King, Firehouse Subs and Popeyes, said that its same-store sales increased 1.9% during Q2.
Among Restaurant Brands' four chains, Tim Hortons was the standout.
Same-store sales at Tim Hortons grew 4.6% during the April through June quarter. Popeyes' same-store sales rose 0.5%.
Offsetting those gains were same-store sales declines of 0.1% for both Burger King and Firehouse Subs.
International locations operated by Restaurant Brands saw same-store sales growth of 2.6%.
In June of this year, Restaurant Brands International acquired Popeyes China, the franchise network in the nation of 1.4 billion people.
Popeyes China will be included in Restaurant Brands next quarterly financial results, said the company in its earnings statement.
The stock of Restaurant Brands International declined 1% immediately after its Q2 print was made public. Over the last 12 months, the company's share price has declined 5% to trade at $70.52 U.S. per share.
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