MONTREAL – Fast food restaurant operator MTY Food Group said its profits hit a record $25.7 million in 2013 on a 14 per cent surge in the fourth quarter.
The Montreal-based franchisor and operator behind more than two dozen fast food branners including Mr. Sub, Sushi Shop and Cultures earned $1.34 per share for the year ended Nov. 30, up from $1.15 per share or $22.1 million in 2012.
Revenues increased five per cent to $725.8 million, and by seven per cent to $28.26 million in the quarter.
Same-store sales, for outlets open at least a year, decreased 1.2 per cent in the quarter and by two per cent in the year due to adverse weather, intense competition and difficult economic conditions in some locations where they operate.
The company’s (TSX:MTY) net income attributable to shareholders in the three-month period was $7.1 million or 37 cents per share. That compared with $6.3 million or 33 cents per share a year earlier.
The MTY network grew by a net 391 outlets during the year to 2,590 locations.