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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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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.
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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.