Restaurant Brands gains, following positive Q2 momentum
Restaurant Brands (NYSE:QSR) jumped in early Tuesday trading after topping second quarter profit and revenue consensus expectations.
The company, which owns the likes of Burger King and Tim Hortons, reported earnings of $0.85 per share, $0.09 better than the analyst estimate of $0.76, while revenue for the quarter came in at $1.78 billion versus the consensus estimate of $1.74B.
QSR shares are currently trading 2.5% above Monday's close at $76.38.
Comparable sales rose 9.6%, and net restaurants grew 4.1% versus the prior year, while the company's system-wide sales increased 14% year-over-year.
«I am very proud of the continued performance of our teams and our franchisees who helped drive 14% growth in system-wide sales and another quarter of improved franchisee profitability,» said Josh Kobza, Chief Executive Officer of RBI. «We are generating positive momentum and results behind each of our iconic brands by focusing on new menu innovations, supported by exceptional marketing and operations.»
Burger King, which has previously struggled to drive sales in the US, has been going through its «Reclaim the Flame» plan to accelerate sales growth and drive franchisee profitability. In the quarter, Burger King system-wide sales growth was 13.8%, while comparable sales increased 10.2%.
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