Comp sales jumped 0.7% at Burger King & 1.5% at Popeyes in the first quarter.
Restaurant Brands shares were up roughly 3% in premarket trading on Friday.
Restaurant Brands International Inc. (TSE: QSR) published its earnings report for the fiscal first quarter on Friday that topped analysts’ estimates for earnings and revenue, despite the ongoing COVID-19 restrictions.
1. Financial performance
Restaurant Brands said that its net income in the first quarter came in at £129.07 million that translates to 41.82 pence per share. In the comparable quarter of last year, its net income was capped at a lower £103.83 million, or 34.61 pence per share.
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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.
Indeed, Restaurant Brands also the parent company of Burger King and Popeyes topped expectations as it reported its first-quarter profit and sales grew compared with a year ago.
The company, which keeps its books in U.S. dollars, said it earned net income attributable to common shareholders of US$179 million or 58 cents per diluted share for the quarter ended March 31. The result compared with a profit of US$144 million or 48 cents per diluted share in the same quarter last year.
Tim Hortons parent Restaurant Brands beats revenue estimates as U S stimulus boosts Burger King theglobeandmail.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theglobeandmail.com Daily Mail and Mail on Sunday newspapers.
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TORONTO, April 30, 2021 /PRNewswire/ - Restaurant Brands International Inc. (TSX: QSR) (NYSE: QSR) (TSX: QSP) today reported financial results for the first quarter ended March 31, 2021.
José E. Cil, Chief Executive Officer of Restaurant Brands International Inc. ( RBI ) commented, Our first quarter results signal our return to growth with system-wide sales surpassing Q1 2019 and net restaurant growth nearly matching our best-ever Q1 performance in 2018. We are excited by the global growth potential of our brands and are encouraged by this early momentum as we work toward a return to historic levels of unit growth
Restaurant Brands reports Q1 profit and sales up from year ago, beats expectations
by The Canadian Press
Last Updated Apr 30, 2021 at 7:28 am EDT
TORONTO Restaurant Brands International Inc., the parent company of Tim Hortons, Burger King and Popeyes, topped expectations as it reported its first-quarter profit and sales grew compared with a year ago.
The company, which keeps its books in U.S. dollars, says it earned net income attributable to common shareholders of US$179 million or 58 cents per diluted share for the quarter ended March 31.
The result compared with a profit of US$144 million or 48 cents per diluted share in the same quarter last year.