Canada’s Restaurant Brands International (QSR), the parent company of Tim Hortons, has issued third-quarter financial results that missed analysts’ targets across the board.
The Toronto-based company has announced earnings per share (EPS) of $0.93 U.S., which was below Wall Street forecasts of $0.95 U.S.
Revenue in the July through September period totaled $2.29 billion U.S., which fell short of the $2.31 billion U.S. expected amongst analysts.
Management blamed the disappointing results on a decline in domestic same-store sales growth at all four of its restaurant chains, which also include Burger King, Firehouse Subs and Popeyes chicken outlets.
The company’s sales were up 24.7% year-over-year due largely to the company’s acquisition of its largest Burger King franchisee and its Popeyes business in China growing at a strong clip.
However, those gains couldn’t offset weakness in the company’s domestic sales within the U.S. and Canada where higher prices have pushed consumers away.
The stock of Restaurant Brands International has declined 5% this year to trade at $97.39 per share on the Toronto Stock Exchange.
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