At Extreme Investor Network, we pride ourselves on delivering cutting-edge business news to our readers. Today, we bring you the latest from Restaurant Brands International Inc., the parent company of Burger King, as they reported quarterly earnings and revenue that missed analysts’ expectations.
In the third quarter, the company’s worldwide same-store sales only grew by 0.3%, with Burger King, Firehouse Subs, and Popeyes all reporting same-store sales declines in their home markets. However, in the fourth quarter, there has been an improvement in same-store sales trends, with CEO Josh Kobza citing more successful marketing promotions and better consumer sentiment in the U.S. as driving factors.
Burger King saw a 0.7% decline in same-store sales, while Popeyes reported a 4% decline and Firehouse Subs saw a 4.8% shrink. On the other hand, Tim Hortons was the top performer with domestic same-store sales growth of 2.3%.
Overall, Restaurant Brands International reported third-quarter net income of $252 million, with earnings per share coming in at 93 cents excluding items. The company’s net sales climbed 24.7% to $2.29 billion, largely due to recent acquisitions.
As investors, it is important to closely follow developments in the business world to inform our investment decisions. Stay tuned to Extreme Investor Network for the latest updates on Restaurant Brands International and other key players in the market.