A basic view of a Tim Hortons Drive-Through coffeehouse and restaurant at Lakeside Retail Park on February 5, 2024 in Grays, United Kingdom.
John Keeble | Getty Photographs
Restaurant Manufacturers Worldwide on Thursday reported quarterly income that beat analysts’ expectations, fueled by better-than-expected gross sales at Tim Hortons and the corporate’s worldwide eating places.
Shares of Restaurant Manufacturers fell lower than 1% in premarket buying and selling.
Here is what the corporate reported in contrast with what Wall Road was anticipating, primarily based on a survey of analysts by LSEG:
- Earnings per share: 86 cents adjusted vs. 87 cents anticipated
- Income: $2.08 billion vs. $2.02 billion anticipated
Restaurant Manufacturers reported second-quarter internet revenue of $399 million, or 88 cents per share, up from $351 million, or 77 cents per share, a 12 months earlier.
Excluding objects, the corporate earned 86 cents per share.
Internet gross sales rose 17% to $2.08 billion, boosted by latest acquisitions of Burger King eating places within the U.S. The corporate’s same-store gross sales elevated 1.9%.
Out of Restaurant Manufacturers’ 4 chains, Tim Hortons carried out the very best, with same-store gross sales development of 4.6%. Popeyes’ same-store gross sales rose 0.5%.
Each Burger King and Firehouse Subs reported same-store gross sales declines of 0.1% for the quarter.
Restaurant Manufacturers’ worldwide places noticed same-store gross sales development of two.6%.
Two days earlier than the quarter ended, Restaurant Manufacturers accomplished its acquisition of Popeyes China, which will probably be included in its outcomes subsequent quarter. The corporate’s new Restaurant Holdings phase consists of the efficiency of Popeyes China and the eating places it acquired from Carrols, which was Burger King’s largest U.S. franchisee earlier than Restaurant Manufacturers purchased it.
