Restaurant Brands International (QSR) has reported better-than-expected second-quarter financial results, fueled by double-digit same-store sales growth at its Tim Hortons outlets.
The Toronto-based company, which also owns Burger King, Popeyes, and Firehouse Subs, reported earnings per share (EPS) of $0.85 U.S. versus $0.77 U.S. that was expected on Wall Street, according to Refinitiv data.
Revenue in Q2 totaled $1.78 billion U.S., which was also ahead of the $1.75 billion U.S. forecast by analysts who track the company and its stock.
Restaurant Brands International said its net sales rose 8.3% to $1.78 billion U.S. in Q2.
The company’s same-store sales increased 9.6% in the quarter, driven by strong growth at both Tim Hortons and Burger King.
Tim Hortons reported same-store sales growth of 11.4%, beating estimates of 6.5%. The coffee chain’s same-store sales rose 12.5% from a year ago within the Canadian marketplace.
Burger King’s same-store sales grew 10.2%, beating estimates of 5.3%. In the U.S., the burger chain’s same-store sales rose 8.3% year-over-year.
Popeyes saw same-store sales growth of 6.3% in Q2, while Firehouse Subs reported same-store sales growth of 2.1%.
Restaurant Brands said it invested $11 million U.S. in restaurant upgrades, including renovations, during the year’s second quarter.
The stock of Restaurant Brands International has increased 29% over the last 12 months to trade at $98.34 per share.
