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Higher sales and lower costs helps Burger King owner serve up stronger profits

Monday, February 13, 2017 7:57
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Higher sales and lower costs helped Restaurant Brands International Inc (TSX:QSR), the owner of fast-food chains Burger King and Tim Hortons, report a higher-than-expected fourth quarter profit.

The Toronto-listed group said comparable store sales at Burger King rose 2.8% in the three months to December 31, better than consensus estimates.

But Total comparable sales at Tim Hortons, which operates mainly in Canada, only rose 0.2% in the quarter, below forecast.

Total costs at Restaurant Brands fell by about 16% to US$619.8mln helping its net profit to more than double to US$118.4mln, or 50 cents per share.

However, a year earlier, the firm had taken a US$37mln charge for the merger of Burger King and Tim Hortons.

On an adjusted basis, Restaurant Brands earnings were 44 cents per share, still beating the average analysts’ estimate of 42 cents per share.

The company’s total revenues rose by about 5% to US$1.11bn, broadly in-line with estimates.

Restaurant Brands was formed in 2015 when Burger King, controlled by 3G Capital Partners, purchased Canadian coffee-and-doughnut chain Tim Hortons for US$11bn. 

Story by ProactiveInvestors


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