Panoramic view of Tim Hortons Drive-Thru cafe and restaurant at Lakeside Retail Park in Grace, UK on February 5, 2024.
John Keble | Getty Images
International restaurant brand Quarterly revenue reported Thursday beat analysts’ expectations, helped by better-than-expected sales at Tim Hortons and the company’s international restaurants.
Shares of Restaurant Brands fell less than 1% in premarket trading.
The company’s report compared with Wall Street expectations, according to a survey of analysts by London Stock Exchange Group (LSEG):
- Earnings per share: Adjusted 86 cents, expected 87 cents
- income: $2.08 billion vs. $2.02 billion expected
Restaurant Brands reported second-quarter net income of $399 million, or 88 cents a share, up from $351 million, or 77 cents a share, a year earlier.
Excluding items, the company earned 86 cents per share.
net sales The company’s same-store sales grew 17% to $2.08 billion, driven by the recent acquisition of U.S. Burger King restaurants.
Among Restaurant Brands’ four chain stores, Tim Hortons performed best, with same-store sales growing 4.6%. Popeyes’ same-store sales rose 0.5%.
Burger King and Firehouse Subs both reported same-store sales declines of 0.1% for the quarter.
Restaurant Brands’ international store same-store sales grew 2.6%.
Two days before the end of the quarter, Restaurant Brands completed the acquisition of Popeyes China, which will be included in next quarter results. The company’s new restaurant holdings unit includes the performance of Popeyes China as well as restaurants it acquired from Carrolls, which was Burger King’s largest U.S. franchisee before Restaurant Brands acquired it.
