BK U.S. team expects to introduce Croissan’wich upgrades later this year, CEO José Cil says
Restaurant Brands International Inc. is layering in new digital offerings for its brands and turning an eye toward breakfast menus as mobility begins to increase in the COVID-19 pandemic, executives said Friday.
The Toronto-based owner of the Tim Hortons and Popeyes Louisiana Kitchen quick-service brands, which reported earnings for the first quarter ended March 31, cited breakfast as a long-term growth opportunity for its Burger King brand in the United States.
“It s already a decent size part of the Burger King business contributing roughly 13% of our overall sales with much of that tied to our delicious Croissan wich,” said José Cil, RBI CEO, said in a first-quarter earnings call Friday.
TORONTO Ongoing stay-at-home orders in Canada are continuing to dampen sales at Tim Hortons, with the impact on morning coffee routines the single biggest drag on the chain s sales, the head of the restaurant s parent company said Friday. There s no doubt that the biggest factor affecting our performance at Tims is a continued lockdown of a large majority of the country, Jose Cil, chief executive of Restaurant Brands International Inc., told analysts on a conference call to discuss the company s latest results. Canada continues to face strict lockdowns in much of the country with mobility severely restricted, he said. Americans are experiencing a very different path out of COVID than Canadians.
Restaurant Brands International Inc. reported first quarter earnings that beat analyst estimates. The quick-service restaurant company, which owns the Tim Hortons, Burger King and Popeyes brands, reported first-quarter earnings per share of 58 cents, up from 48 cents in the year-ago period. Adjusted EPS came to 55 cents, beating the FactSet consensus forecast for 51 cents. Total revenue was $1.26 billion, up from $1.23 billion a year earlier. The FactSet consensus forecast was for $1.28 billion. The year-over-year increase in total revenues on an as-reported basis was primarily driven by favorable foreign-exchange movements, the company said. Comparable sales for Tim Hortons were down 2.3%, but were up 0.7% for Burger King and 1.5% for Popeyes.
Provided by Dow Jones By Michael Dabaie Restaurant Brands International Inc. shares rose in Friday trading. U.S.-listed shares were up 2% to $69.33 in afternoon trading and shares in Toronto were up 2% to C$84.95. The company before the market open reported first-quarter earnings that beat analyst estimates. The quick-service restaurant company, which owns the Tim Hortons, Burger King and Popeyes brands, reported first-quarter earnings per share of 58 cents, up from 48 cents in the year-ago period. Adjusted EPS came to 55 cents, beating the FactSet consensus forecast for 51 cents. Revenue was $1.26 billion, up from $1.23 billion a year earlier. The FactSet consensus forecast was for $1.28 billion.
CANADA STOCKS-TSX futures fall as oil prices weigh; GDP data awaited Reuters 4/30/2021
April 30 (Reuters) - Futures for Canada s main stock index edged lower on Friday, after oil prices slipped on demand concerns, as investors awaited domestic GDP data due later in the day.
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Crude prices eased from their six weeks high as concerns of wider lockdowns in India and Brazil to curb the COVID-19 pandemic offset a bullish outlook on summer fuel demand and the economic recovery.
Canada s GDP data, due at 08:30 a.m. ET, is expected to show a growth of 0.5% in February.
June-quarter futures on the S&P/TSX index were down 0.5% at 7:11 a.m. ET. Still, the index was set for its third straight monthly gain this year.