Jose Cil, CEO of Restaurant Brands International, speaks during an interview with CNBC on the floor on the New York Stock Exchange in New York, United States, November 6, 2019.
Brendan McDermid I Reuters
International restaurant brands on Friday reported quarterly earnings and revenue that exceeded Wall Street expectations, fueled in part for strong growth of digital sales in its brands home markets.
Actions of the company was flat in premarket trading.
Here’s what the company reported in comparison with what Wall Street expected, based on a survey of Refinitiv analysts:
- Earnings for share: 77 cents adjusted vs. 61 cents expected
- Sales: 1.44 billion dollars vs. $ 1.36 billion expected
The company declared tax second-quarter net income of $ 391 million, or 84 cents per share, up from $ 164 million, or 35 cents per share, a year first.
Excluding items, Restaurant brands earned 77 cents per minute share, exceeding 61 cents per share expected by the analysts interviewed by Refinitiv.
Net sales rose 37% to $ 1.44 billion, exceeding expectations of 1.36 billion dollars. The same time last year, the company’s revenue fell by 25%, damaged by blockages and in-home orders.
This quarter, digital sales increased by almost 60% year-over-year and 15% respect with last quarter in the domestic markets of its three brands.
Tim Hortons reported the same-store sales growth of 27.6%. A year ago, the Canadian coffee chain saw sales plummet by 29.3% while consumers stayed home and brewed their coffee. Outside of his parent company portfolio, Tims took longer to bounce back from the pandemic, wounded by the rebirth of COVID-19 in his home market and a slower pace of vaccinations there.
Same as Burger King-store sales increased by 18.2% in the quarter. A year ago, saw the metric drop 13.4%.
Popeyes Louisiana Kitchen was the only brand to report the same-store sales are decreasing, even though the metric has decreased by less than 1%. It faced difficult comparisons with a year ago, when the same-store sales increased by 24.8% despite the blocks. In the United States, its very-store sales fell by 2.5%.
The company also announced an increase of his share buyback authorization for $ 1 billion over the next two years.
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