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Burger King Parent Company Records 27.8% Decline In Quarterly Profit

Published on Oct 27 2020 12:56 PM in Restaurant tagged: Burger King / Restaurant Brands

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.

Drive-Through Modernisation

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.

News by Reuters, edited by Hospitality Ireland. Click subscribe to sign up for the Hospitality Ireland print edition.

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