Burger King Parent Reports Slowing Sales Growth
25 October 2016 - 12:20AM
Dow Jones News
Restaurant Brands International Inc.'s profit rose in the third
quarter, but same-store sales growth at its Burger King and Tim
Hortons chains slowed from a year ago.
Oakville, Ontario-based Restaurant Brands said Tim Hortons
same-store sales rose 2%, while Burger King same-store sales rose
1.7%. Last year, same-store sales rose by 5.3% and 6.2%,
respectively, at the burger and coffee chains.
Consumers recently have been pulling back from restaurant visits
amid economic uncertainties and cheaper grocery prices. Rival
McDonald's Corp. last week reported its gains in the U.S. market
cooled further, as it tries to innovate to attract more
customers.
Restaurant Brands was formed last year when Burger King,
controlled by 3G Capital Partners LP, purchased Canadian
coffee-and-doughnut chain Tim Hortons for $11 billion. The company
has been working to expand Tim Hortons' footprint in the U.S. and
internationally.
Over all, the company earned $153.8 million, or 36 cents a share
after the payout of preferred dividends, up from $117.1 million, or
24 cents a share, a year ago.
Earnings excluding certain items came in at 43 cents a share,
ahead of the 40 cents analysts polled by Thomson Reuters expected.
Revenue came in at $1.08 billion, as analysts expected $1.06
billion.
Write to Joshua Jamerson at joshua.jamerson@wsj.com
(END) Dow Jones Newswires
October 24, 2016 09:05 ET (13:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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