Restaurant Brands International Inc.’s sales fell 25% in the three months of June, as Popeyes’ growth countered weaker Burger King and Tim Hortons revenues due to the COVID-19 pandemic.
The Toronto-based fast food holding company reported second-quarter profit of $ 164 million, or adjusted 33 cents per share, on sales of $ 1.05 billion. Wall Street analysts polled by Refinitiv had expected adjusted earnings of 29 cents on revenue of $ 1.03 billion.
|QSR||RESTAURANT BRANDS INTERNATIONAL INC.||57,74||-0,14||-0,24%|
“The COVID-19 pandemic has introduced a host of unprecedented challenges, but our proactive and coordinated response across the world has contributed to a significant recovery in performance since March,” CEO Jose Cil said in a statement. , we returned to 90% of our system-wide sales from the previous year, with 93% of our restaurants open globally. ”
Tim Hortons’ network-wide sales, which include revenues from franchisees and company-owned restaurants, fell 33% from last year to $ 1.1 billion. A drop in comparable sales – those of stores open for at least a year – which averaged over 40% in the last two weeks of March narrowed to around 15% at the end of July.
System-wide sales of Burger King fell 25 percent year-over-year to $ 4.1 billion. Comparable sales were roughly flat at the end of July compared to last year, an improvement from a drop of over 30% at the end of March.
Meanwhile, Popeyes Louisiana Kitchen system-wide sales jumped 24% to $ 1.25 billion in the second quarter, a gain that is reflected in restaurants open at least a year.
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Restaurant Brands shares have fallen 9.46% this year through Wednesday, lagging behind the S&P 500’s 3% gain.