Restaurant Brands’ revenue misses estimates, hurt by Burger King’s underperformance

Unlike McDonalds — which owns some 84% of its retailers in Russia — firms similar to Burger King, Subway and Papa John’s usually function through franchise agreements there. Burger King mentioned it demanded the principle operator of its franchises droop restaurant operations in Russia, however that “they’ve refused.”

Alexander Sayganov | SOPA | Lightrocket | Getty Images

Restaurant Brands International on Friday reported weaker-than-expected quarterly revenue, hurt by Burger King’s disappointing same-store gross sales development.

Shares of the corporate fell lower than 1% in premarket buying and selling.

Here’s what the corporate reported in contrast with what Wall Street was anticipating, based mostly on a survey of analysts by LSEG, previously generally known as Refinitiv:

  • Earnings per share: 90 cents adjusted vs. 86 cents anticipated
  • Revenue: $1.84 billion vs. $1.87 billion anticipated

Restaurant Brands reported third-quarter internet revenue attributable to shareholders of $252 million, or 79 cents per share, down from $360 million, or $1.17 per share, a 12 months earlier.

Excluding objects, the restaurant firm earned 90 cents per share.

Net gross sales rose 6.4% to $1.84 billion. Restaurant Brands reported same-store gross sales development of seven% for the quarter.

Burger King’s same-store gross sales grew 7.2%, falling in need of StreetAccount estimates of 8.6%. The burger chain’s worldwide same-store gross sales elevated 7.6%, whereas the metric rose 6.6% within the U.S.

Tim Hortons’ same-store gross sales development of 6.8% met Wall Street’s expectations. In Canada, the espresso chain’s same-store gross sales climbed 8.1% within the quarter.

Popeyes was Restaurant Brands’ solely chain to outperform expectations for same-store gross sales development. The fried hen chain reported the metric grew 7%, together with a 5.6% enhance within the U.S. That beat StreetAccount estimates of 5% development.

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