Burger King Parent Company Records 27.8% Decline In Quarterly Profit
Burger King parent company Restaurant Brands International Inc has recorded a 27.8% decline in quarterly profit.
Operating costs and expenses in the third quarter rose by approximately 4% to $920 million, Restaurant Brands said on Tuesday October 27.
Meanwhile, the company's total revenue fell by 8.3% to $1.34 billion, meeting analyst expectations, according to IBES data from Refinitiv.
At Burger King, comparable sales fell by 7% while Tim Hortons comparable sales declined by 12.5%.
Comparable sales at Popeyes, the popular fried chicken sandwich chain that gathered a huge social media audience and long lines at stores last year, rose by 17.4%.
Net income attributable to Restaurant Brands' shareholders came in at $145 million, or 47 cents per share, for the three months that ended on September 30, from $201 million, or 75 cents per share, last year.
Restaurant Brands said that it will modernise drive-through at more than 10,000 Burger King, Tim Hortons and Popeyes locations in North America, beginning the rollout with the chicken sandwich chain later this year.