Restaurant Brands International (QSR) Second quarter 2021 profits beaten – .

Restaurant Brands International (QSR) Second quarter 2021 profits beaten – .

Restaurant Brands International on Friday reported better than expected quarterly earnings and earnings on Wall Street, fueled in part by strong growth in digital sales in the domestic markets of its brands.
The company’s shares rose 2% in pre-market trading.

Here’s what the company reported compared to what Wall Street expected, based on an analyst survey conducted by Refinitiv:

  • Earnings per share: 77 cents adjusted against 61 cents expected
  • Income: $ 1.44 billion vs. $ 1.36 billion expected

The company reported second-quarter net income of $ 391 million, or 84 cents per share, from $ 164 million, or 35 cents per share, a year earlier.

Excluding items, Restaurant Brands gained 77 cents per share, exceeding the 61 cents per share expected by analysts polled by Refinitiv.

Net sales rose 37% to $ 1.44 billion, beating expectations of $ 1.36 billion. Around the same time last year, the company’s revenue fell 25%, penalized by blockages and stay-at-home orders.

This quarter, digital sales jumped nearly 60% year-on-year and 15% from the previous quarter in the domestic markets of its three brands.

Tim Hortons posted same store sales growth of 27.6%. A year ago, the Canadian coffee chain saw sales drop 29.3% as consumers stayed home and brewed their own coffee. From its parent company’s portfolio, Tims took the longest time to recover from the pandemic, affected by the resurgence of Covid-19 in its domestic market and a slower pace of vaccination there.

Burger King’s comparable store sales increased 18.2% in the quarter. A year ago, he saw the metric drop 13.4%.

Popeyes Louisiana Kitchen was the only brand to report lower same-store sales, although the measure fell by less than 1%. It faced tough comparisons to a year ago, when same-store sales climbed 24.8% despite closings. In the United States, its same-store sales were down 2.5%.

The company also announced an increase in its share buyback authorization to $ 1 billion over the next two years.


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