By Overview
Restaurant Brands International, the Canadian-American fast-food holding company that owns popular brands such as Tim Hortons and Burger King, has reported a slight increase in profit for the second quarter. Higher sales among its brands contributed to this positive financial performance.
Financial Results
- Net income rose to $351 million, or 77 cents a share, compared to $346 million, or 76 cents a share in the same period last year.
- Adjusted earnings per share increased from 82 cents to 85 cents.
- According to a FactSet poll of analysts, adjusted earnings were expected to decline to 76 cents per share.
- Total revenues reached $1.76 billion, surpassing analyst forecasts of $1.74 billion.
Sales Growth
- Restaurant Brands experienced a consolidated system-wide sales growth of 14%, compared to 13.3% in the previous year.
- Tim Hortons, although lagging behind its peers, still achieved a system-wide sales growth of 15%, down from 16.3%.
- Burger King’s growth rate improved to 13.8%, up from 13.2%.
- Overall system-wide sales amounted to $10.95 billion, a significant increase from $9.77 billion.
Comparable Sales
- Comparable sales for Tim Hortons dropped to 11.4%, while Burger King’s sales growth increased to 10.2%.
- Popeyes and Firehouse Subs, two other brands under Restaurant Brands International, reported modest growth rates of 2.1% and 4.1% respectively.
Restaurant Brands International continues to thrive in the fast-food industry, with its brands showing strong sales performance in the second quarter. Despite challenges faced by Tim Hortons, the company’s overall financial results remain promising.
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