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Restaurant Brands beats expectations as Q2 profit more than doubles to US$390 million

TORONTO – The mother or father firm behind Tim Hortons, Burger King and Popeyes noticed its second-quarter income greater than double on a 37 per cent enhance in revenues.

Restaurant Manufacturers Worldwide Inc., which studies in U.S. {dollars}, says its web earnings attributable to shareholders was US$390 million or 84 cents per share within the second quarter, up from US$163 million or 35 cents per share a yr earlier.

Adjusted income reached US$358 million or 77 cents per share, up from US$154 million or 33 cents per share within the second quarter of 2020.

Revenues had been US$1.44 billion, up from US$1.05 billion within the prior yr quarter, with Tim Hortons same-store gross sales growing 7.6 per cent a yr after reducing 29.3 per cent. Whole system-wide gross sales had been US$8.9 billion, up from US$6.8 billion.

Analysts anticipated adjusted income of 61 cents per share on $1.36 billion of revenues, in line with monetary information agency Refinitiv.

The corporate says international system-wide gross sales progress was 4 per cent larger than in 2019, earlier than COVID-19 triggered restaurant closures, whereas 378 web new places had been added within the first half of the yr.

“We’re inspired by the momentum throughout our enterprise – together with gross sales will increase pushed by high quality menu gadgets, speedy adoption of our digital channels by our company and an acceleration in new restaurant openings all over the world by our franchisees who imagine strongly in our manufacturers and enterprise mannequin,” acknowledged CEO José Cil.

Digital gross sales elevated practically 60 per cent from a yr in the past and 15 per cent from the primary quarter.

This report by The Canadian Press was first revealed July 30, 2021.

Firms on this story: (TSX:QSR)



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