News

Restaurant Brands reports US$50M Q1 profit compared with year-ago loss

OAKVILLE, Ont. – Restaurant Brands International Inc. (TSX:QSR) reported a profit of US$50 million in its latest quarter compared with a loss a year ago.

The company behind Tim Hortons and Burger King says the profit amounted to 21 cents per share for the three months ended March 31.

That compared with a loss of US$8.3 million or four cents per share in the same quarter last year.

Revenue slipped to US$918.5 million from US$933.3 million as the weak Canadian dollar cut into Tim Hortons revenue.

On an adjusted basis, Restaurant Brands said it earned US$142.1 million or 30 cents per share in the latest quarter, up from US$73.9 million or 16 cents per share a year ago.

Comparable store sales at Tim Hortons increased 5.6 per cent after adjustments for currency changes, while Burger King saw a 4.6 per cent increase.

“Innovative product launches and continued expansion of our global footprint drove favourable comparable sales and system-wide sales growth for the quarter,” Restaurant Brands chief executive Daniel Schwartz said in a statement.

“We believe our focused approach on delivering a great guest experience and growing franchisee profitability will support long-term, sustainable value for our guests, franchisees, employees and shareholders.”