Burger King Owner Restaurant Brands Records 2.9% Rise In Total Revenue For First Quarter Of 2021
Burger King owner Restaurant Brands International Inc has recorded a 2.9% rise in total revenue for the first quarter of 2021. Topped Estimates Restaurant Brands' quarterly results topped estimates,...
Burger King owner Restaurant Brands International Inc has recorded a 2.9% rise in total revenue for the first quarter of 2021.
Restaurant Brands' quarterly results topped estimates, as a reopening US economy and government stimulus checks boosted spending at the company's Burger King chain.
Return To Restaurants
After a year of ordering in, more Americans have started to go back to restaurants as a $1,400 stimulus payment from the government in March boosted spending, while the rollout of COVID-19 vaccines lifted consumer confidence.
Recovery In Demand
Easing of dining room capacity restrictions and a warmer weather also led to a recovery in demand at Restaurant Brands' outlets and those of rival companies, many of which are struggling to hire new workers to keep up with the jump in sales.
Burger King US Comparable Sales
Burger King comparable sales rose 6.6% in the US.
Popeyes US Same-Store Sales
US same-store sales at the Cajun-inspired Popeyes rose by just 1.5% during the first quarter as it struggled to repeat last year's explosive growth amid rising competition.
Total Revenue Figures
Total revenue at Restaurant Brands, which also owns Canada's Tim Hortons, rose 2.9% to $1.26 billion during the first quarter, which ended on March 31, beating analysts' average estimate of $1.25 billion, according to IBES data from Refinitiv.
Adjusted Net Income Figures
Adjusted net income rose by 13.2% to $257 million, or 55 cents per share, beating estimates of 50 cents per share.