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.