MONTREAL – MTY Food Group Inc. (TSX:MTY) has reported a double-digit year-over-year increase in second-quarter earnings.
The Montreal-based fast food restaurant franchisor and operator says net income attributable to owners in the three months ended May 31 was $7.3 million or 38 cents per share, an amount it described as a “historical high” and a 16 per cent increase over the same period in 2013.
Revenue totalled $29.4 million, up from $25.3 million in the year-earlier period.
System sales increased by 25 per cent to $219 million in the quarter, although same-store sales were down two per cent, hurt by what it said was sluggish consumer spending and by intense competitive pressures.
MTY, whose restaurants include Mr. Sub, Cultures, Thai Express and Yogen Fruz among others, operated 2,585 stores at the end of the second quarter.
Shares in MTY, which reported its results after markets closed, were up 79 cents or 2.59 per cent at $31.28 on Wednesday.