The Globe and Mail reports in its Wednesday edition that a sluggish consumer environment has prompted Restaurant Brands International to provide more value offerings to attract customers. The Globe's Susan Krashinsky Robertson writes that Restaurant Brands' Tim Hortons helped to buoy otherwise lacklustre results. Chief executive officer Josh Kobza said Tuesday that Tim Hortons was "one of the only major QSR [quick-service restaurant] brands in the market with positive traffic growth" so far this year. Restaurant Brands reported third quarter results that missed analysts' expectations, with comparable sales growing just 0.3 per cent for the period ending Sept. 30, year-over-year. By contrast, Tim Hortons's comparable sales grew by 2.3 per cent on a global basis, and were up 2.7 per cent in Canada. The company's other fast-food chains, Burger King, Popeyes Louisiana Kitchen and Firehouse Subs, all reported comparable sales declines. Restaurant Brands reported its net earnings fell slightly to $357-million or 79 cents a share in the quarter, compared with $364-million or 80 cents a share in the prior year (all figures U.S.). Revenue grew by 24.7 per cent to $2.29-billion, below analyst expectations of $2.35-billion.
© 2024 Canjex Publishing Ltd. All rights reserved.