Restaurant Brands International Inc posted a slight drop in quarterly profit on Wednesday, as a strength in its Burger King chain was offset by fewer patrons visiting Tim Hortons and Popeyes Louisiana Kitchen.
Comparable sales for restaurants open for at least 13 months fell 0.8 per cent at Tim Hortons, and nearly 3 per cent at Popeyes. Burger King saw same-store sales rise 4 per cent in the second quarter.
Total sales at the company, which also owns the Popeyes Louisiana Kitchen chain, came in at US$1.13 billion in the second quarter ended June 30, up from US$1.04 billion a year earlier.
Fast-food restaurants in the United States are fighting competition on all fronts – from direct rivals, convenience stores, as well as other food sellers and boutique restaurants.
Restaurant Brands’ chains compete with the likes of McDonald’s Corp, Yum Brands Inc and Dunkin’ Brands Group Inc.
Systemwide sales, which includes company-owned, franchised and licensed outlets, at all three at Restaurant Brands chains increased, led by an 11 per cent rise at Burger King.
Adjusted net profit was 51 cents per share in the quarter, topping analysts’ average estimate of 45 cents per share, according to Thomson Reuters I/B/E/S.
© Thomson Reuters 2017