Tim Horton owner RBI to close hundreds of more outlets due to COVID-19 – National

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Restaurant Brands International said Thursday it would close hundreds of other outlets this year as the owner of Burger King and Tim Hortons sought to consolidate his capital to deal with a sales crisis caused by the COVID-19 pandemic.Burger King and Tim Hortons sales have been hammered in recent months amid coronavirus-related restrictions on indoor dining and a drop in demand for on-the-go breakfast and coffee, the company reporting a drop of more than 25% in second place. quarterly turnover.

READ MORE: Montreal man arrested for disobeying mandatory mask rule at Tim Hortons

Tim Hortons, focused on Canada, has been particularly affected due to the slow pace of the country’s reopening, said chief executive Jose Cil.

“Canada has generally followed a measured pace of reopening, which has helped contain the virus effectively, but led to a slower recovery in activity and re-establishment of routines,” Cil told analysts.

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Tim Hortons could have a double problem with a mobile app


Tim Hortons could have a double problem with a mobile app

Restaurant Brands plans to end 2020 with roughly the same number of outlets as last year – just over 27,000 – as the company continues to open new restaurants as part of its annual plan. He had net restaurant growth greater than 5% in each of the past three years.

Restaurant BrandsThe shares fell 2% in morning trading.

Still, Popeyes’ growth has increased, with the company leveraging its massively popular fried chicken sandwiches to expand into markets such as China.

The Cajun-inspired chain’s comparable sales increased nearly 25% in the second quarter, and comes at a time when McDonald’s Corp, Starbucks Corp and Dunkin Brands have all seen a drop.

On an adjusted basis, the company gained 33 cents per share in the second quarter ended June 30, beating Wall Street expectations of 31 cents, according to IBES data from Refinitiv.

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