The fast-food restaurant industry fared far better than its peers in casual dining over the course of the COVID-19 pandemic. This should not come as a huge surprise as these entities were still able to operate drive thru services and take advantage of the rise of delivery food applications like UberEats and SkipTheDishes.
Restaurant Brands International (TSX:QSR)(NYSE:QSR) was one of the success stories to come out of the pandemic. Based in Toronto, this quick-service restaurant operates in Canada, the United States, and around the world through its world recognized brands. Those brands include Burger King, Tim Hortons, Popeyes Louisiana Chicken, and most recently Firehouse Subs.
Shares of this top TSX stock have dropped 8.7% month-over-month as of close on Monday, August 28. Meanwhile, RBI stock is still up 4.4% so far in 2023. Its shares have climbed 19% in the year-over-year period.
This company unveiled its second quarter (Q2) fiscal 2023 earnings on August 8. RBI reported consolidated comparable sales growth of 9.6%, with Burger King and Tim Hortons leading the way with double-digit percentage sales growth. The company reported total revenues of $1.77 billion – up from $1.63 billion in Q2 2022. Moreover, adjusted EBITDA rose to $665 million compared to $618 million in the previous year.
Relative Strength Index (RSI) is a technical indicator that measures the price momentum of a given security. RBI currently possesses an RSI of 27. That puts this TSX restaurant stock in technically oversold territory at the time of this writing. Better yet, RBI offers a quarterly dividend of $0.55 per share. That represents a 3.1% yield.
