Earnings
Home›Earnings›Results›Burger King lifts Restaurant Brands results, sending s…
Burger King lifts Restaurant Brands results, sending shares lower
U.S. comparable sales rose 8.5% in the quarter ended June 30 versus 3.5% expected, while Restaurant Brands reported revenue of $2.52 billion and adjusted EPS of $1.07.
Restaurant Brands fell after Burger King delivered what the company described as its best quarter in years, driving stronger U.S. demand for the Whopper but not enough to lift shares at the open, according to Yahoo Finance.
In the quarter ended June 30, U.S. comps rose 8.5%, compared with analyst expectations of 3.5% and 1.5% a year earlier. Restaurant Brands also reported adjusted EPS of $1.07, up from 94 cents, while revenue came in at $2.52 billion, just short of estimates.
Tim Hortons contributed roughly 41% of Restaurant Brands operating income, with Canadian comparable sales increasing 0.1%. Across the whole portfolio, global comps landed at 3.8% versus 3.0% expected.
Yahoo Finance also noted Popeyes underperformed, alongside concerns about higher beef costs, which the outlet linked to pressure on margins. The stock was down about 1.5% at Thursday's open.