Canadian Manufacturing

Restaurant Brands reports first quarter profit down from year ago mark

The parent company of Tim Hortons reported its first-quarter revenue totalled nearly $1.27 billion, up from $1.25 billion a year ago


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PHOTO: Tim Hortons/Stu pendousmat via Wikimedia Commons

TORONTO – Restaurant Brands International Inc. reported its first-quarter profit fell compared with a year ago as comparable sales at its Tim Hortons locations fell.

The company, which keeps its books in U.S. dollars, reported a profit attributable to common shareholders of US$135 million or 53 cents per diluted share compared with a profit of $148 million or 59 cents per diluted share a year ago.

On an adjusted basis, the parent company of Tim Hortons, Burger King and Popeyes restaurants said it earned $255 million or 55 cents per diluted share for the quarter, down from an adjusted profit of $314 million or 66 cents per share in the same quarter last year.

Analysts on average had expected a profit of 58 cents per share for the quarter, according to Thomson Reuters Eikon.

Revenue in the three-month period ended March 31 totalled nearly $1.27 billion, up from $1.25 billion a year ago.

The increase came as comparable store sales at Tim Hortons fell 0.6%, while Burger King comparable sales increased 2.2%. Popeyes comparable sales increased 0.6%.

News from © Canadian Press Enterprises Inc. 2019

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