|
Total comparable sales at Burger King rose 1.7 percent in the
quarter ended Sept. 30, mostly due to higher demand in Asia
Pacific and Latin America.
The rise was much smaller than the 6.2 percent rise a year
earlier, due to decreased demand in the United States and
Canada, where Burger King faces tough competition from food
chains such as McDonald's Corp and Wendy's Co.
U.S. restaurants are also battling intense competition from
upstart chains and meal-kit sellers, in addition to getting
battered by falling grocery prices, which are encouraging more
people to eat at home.
Total comparable sales at Tim Hortons, which operates mainly in
Canada, rose 2 percent in the quarter, compared with a growth of
5.3 percent last year.
Total costs and expenses for Restaurant Brands fell 3 percent to
$655.2 million.
The company's net profit attributable to shareholders rose to
$86.3 million, or 36 cents per share, in the third quarter, from
$49.6 million, or 24 cents per share, a year earlier.
On an adjusted basis, Restaurant Brands earned 43 cents per
share, beating the analysts' average estimate of 40 cents per
share, according to Thomson Reuters I/B/E/S.
Oakville, Ontario-based company's revenue rose 5.5 percent to
$1.08 billion, missing analysts' estimate of $1.06 billion.
(Reporting by Anet Josline Pinto in Bengaluru; Editing by
Shounak Dasgupta)
[© 2016 Thomson Reuters. All rights
reserved.] Copyright 2016 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
 |
|
