MTY Food Group (MTY) announced a fourth-quarter profit of $7.1 million, which was down 72% from a year earlier.
The Montreal-based company, which owns and operates restaurants such as Thai Express, Yogen Fruz and Extreme Pita, said its profit for Q4 2022 equaled $0.29 per share.
The result was down more than 70% compared with a profit of $24.9 million or $1.00 per share achieved in the same quarter of 2021.
MTY Food Group said the earnings decline was mainly due to costs related to its acquisition of restaurant chain BBQ Holdings.
The company’s revenue for the quarter totalled $242 million, up 66% from $146 million in the same quarter a year earlier.
In speaking to analysts and media, MTY Food executives said the acquisition of BBQ Holdings, as well as the purchase of Wetzel's Pretzels, are expected to grow the company's business this year and beyond.
MTY Food Group’s stock has risen 28% over the last year to trade at $69.17 per share.
