Tim Hortons parent company Restaurant Brands International (QSR) has reported mixed third-quarter financial results.
The Toronto-based company that also owns Burger King, Popeyes chicken, and Firehouse Subs, announced earnings per share (EPS) of $0.90 U.S. versus $0.86 U.S. that was expected.
However, revenue in the quarter came in at $1.84 billion U.S., which was below the $1.87 billion U.S. consensus expectation of analysts.
Restaurant Brands International blamed the revenue miss on disappointing same-store sales growth at Burger King.
However, while the company’s Q3 sales missed forecasts they did rise 6.4% from a year earlier.
Overall, Restaurant Brands reported same-store sales growth of 7% for the quarter.
Burger King’s same-store sales grew 7.2%, falling short of estimates for growth of 8.6%. Tim Hortons’ same-store sales growth of 6.8% met analyst expectations.
Popeyes was Restaurant Brands’ only chain to outperform expectations for same-store sales growth, coming in at 7%, which was higher than forecasts of 5% growth.
Restaurant Brands International is in the midst of a multi-year refresh of Burger King as it tries to revive the quick service chain’s fortunes.
The stock of Restaurant Brands International has gained 17% over the last 12 months to trade at $94.98 per share.
