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MTY Food Group posts 6% rise in Q3 profits, but declining same-store sales

MONTREAL – MTY Food Group Inc. (TSX:MTY), the owner of brands like Mr. Sub and Thai Express, says its profits rose six per cent in the third-quarter.

The Montreal-based restaurant franchisor and operator says net income attributable to owners in the three months ended August 31 was $7.09 million or 37 cents per share, compared to $6.68 million, or 35 cents, in the same period a year earlier.

Revenue was $30.23 million, up from $25.13 million in the same period a year earlier.

System sales increased by 28 per cent to $230.9 million in the quarter. Same-store sales fell 1.6 per cent, blamed by sluggish consumer spending and increased competition.

MTY also operates restaurants under numerous other brands, including Cultures, Jugo Juice, Country Style and Yogen Fruz.