MTY Food Group (MTY) reported a first quarter profit of $18.4 million, up 11% from $16.6 million a year earlier, as a string of acquisitions led its revenue to more than double.
The Montreal-based restaurant company, whose brands include Thai Express, Yogen Früz and Extreme Pita, said its profit amounted to $0.75 per share, up from $0.68 per share a year earlier.
Revenue at MTY totalled $286 million in Q1, up 104% from $140.5 million in the same quarter a year earlier, while system sales reached a record $1.36 billion.
MTY said the increase in revenue was mainly due to recent acquisitions in the U.S. market, including Wetzel’s Pretzels and Sauce Pizza and Wine.
MTY Food operates restaurants under more than 85 different banners, primarily in Canada and the U.S. At the end of Q1, MTY Food had 7,128 locations.
Over the past 12 months, MTY Food’s stock has increased 12% to $59.91 per share.
