Canada’s Restaurant Brands International (QSR) has reported strong third-quarter financial results, driven largely by sales at Tim Hortons.
The Toronto-based company announced earnings per share (EPS) of $1.03 U.S., which beat the $1 U.S. that was expected among analysts.
Revenue of $2.45 billion U.S. topped the $2.40 billion U.S. that had been forecast on Wall Street. Overall sales were up 6.9% from a year earlier.
Restaurant Brands, which also runs the Burger King, Popeyes and Firehouse Subs chains, said same-store sales grew 4% year-over-year in the latest quarter.
Restaurant Brands’ international segment performed best during the quarter, reporting 6.5% same-store sales growth. That beat consensus estimates that called for 4.4% growth.
Tim Hortons reported same-store sales growth of 4.2%. The Canadian coffee and doughnut chain has been leaning more into food offerings to drive sales and traffic.
Burger King’s same-store sales increased 3.1%, showing that the chain’s multiyear turnaround strategy is starting to work.
Popeyes was the only Restaurant Brands division to report a same-store sales decline, falling 2.4%. The chicken chain is struggling to keep pace with lower-priced competitors, said management.
QSR stock is up 4% after the latest financial results were made public. The company’s share price has been flat on the year, having gained 0.70% to trade at $66.02 U.S. a share.
