Earnings

Burger King parent’s quarterly sales fall 8% as pandemic weighs on Tim Hortons sales

Jose Cil, CEO of Restaurant Brands International, speaks during an interview with CNBC on the floor at the New York Stock Exchange, November 6, 2019.

Brendan McDermid | Reuters

Restaurant Brands International on Tuesday reported that its quarterly revenue fell 8% as Burger King and Tim Hortons sales struggled to bounce back from the coronavirus pandemic.

Popeyes, however, once again reported double-digit same-store sales growth, thanks to the enduring popularity of its chicken sandwich.

Shares of the company were unchanged in premarket trading.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

  • Earnings per share: 68 cents, adjusted, vs. 63 cents expected
  • Revenue: $1.34 billion vs. $1.34 billion expected

The restaurant company reported fiscal third-quarter net income of $145 million, or 47 cents per share, down from $201 million, or 75 cents per share, a year earlier.

Excluding items, Restaurant Brands earned 68 cents per share, topping the 63 cents per share expected by analysts surveyed by Refinitiv.

Net sales dropped 8% to $1.34 billion, matching expectations.

Read the full earnings report here.

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