Business Irish

Monday 27 March 2017

Fast-food giant beats analysts' predictions

Profit of 30 cents a share by Tim Hortons and Burger King owner
Profit of 30 cents a share by Tim Hortons and Burger King owner

Jennifer Kaplan

Restaurant Brands International, owner of the Burger King and Tim Hortons restaurant chains, posted second-quarter profit that topped analysts' estimates after luring customers with new deals and retro favourites.

Profit was 30 cents a share, excluding some items, the company, based in Oakville in Canada said yesterday in a statement.

Analysts had been predicting 25 cents on average, according to data compiled by Bloomberg.

Restaurant Brands, the world's third-largest fast-food company, used deals and added menu items like the extra long pulled pork sandwich and the cult-classic chicken fries to boost revenue at Burger King. The burger chain's same-store sales gained 6.7pc in the quarter. Analysts had estimated 4.3pc, according to Consensus Metrix.

The shares rose 1.5pc to $40.09 in New York on July 24. The stock has gained 2.7pc this year. (Bloomberg)

Irish Independent

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