Restaurant Brands revenue beats estimates on Burger King sales boost

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FILE PHOTO: Burger King’s new chicken sandwiches “Ch’King” are seen on display in New York, NY, U.S. May 19, 2021. REUTERS/Aleksandra Michalska/File Photo

July 30, 2021

(Reuters) – Burger King parent Restaurant Brands International Inc beat estimates for quarterly revenue on Friday, as more customers ate out after COVID-19 restrictions in Canada and the United States were eased.

Several restaurant chains, including KFC owner Yum Brands and McDonald’s, have been investing in their loyalty programs and launching new menu items to boost sales at a time when dining in at restaurants is bouncing back.

For Restaurant Brands, same-store sales at Tim Hortons — its biggest revenue maker — jumped 27.6% in the second quarter, while those at Burger King rose 18.2%.

Net income attributable to common shareholders rose to $259 million, or 84 cents per share, from $106 million, or 35 cents per share, a year earlier.

The company’s total revenue increased to $1.44 billion in the second quarter ended June 30, compared with $1.05 billion a year earlier. IBES data from Refinitiv had estimated revenue of $1.37 billion.

(Reporting by Praveen Paramasivam in Bengaluru; editing by Uttaresh.V)






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