Earnings

Popeyes parent’s revenue falls 25% despite chicken chain’s soaring same-store sales

Travelers order food in automated self-ordering kiosk at fast-food Burger King restaurant chain.

Bundrul Chukrut | LightRocket | Getty Images

Restaurant Brands International on Thursday reported that its quarterly revenue plunged 25% as the coronavirus pandemic weighed on same-store sales at Burger King and Tim Hortons.

But Popeyes, powered by its popular chicken sandwich, reported same-store sales growth of 24.8%.

Shares of the company rose 2% in premarket trading.

Here’s what the company reported for the quarter ended June 30 compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

  • Earnings per share: 33 cents, adjusted, vs. 31 cents expected
  • Revenue: $1.05 billion vs. $1.05 billion expected

The Burger King parent reported second-quarter net income of $163 million, or 35 cents per share, down from $257 million, or 55 cents per share, a year earlier.

Excluding items, Restaurant Brands earned 33 cents per share, beating the 31 cents per share expected by analysts surveyed by Refinitiv.

Net sales dropped 25% to $1.05 billion, meeting expectations.

Read the full report here.

Products You May Like

Articles You May Like

Fed’s Bullard says ‘biggest growth quarter of all time’ will lift inflation
Stock futures flat in overnight trading after S&P 500 posts 4-day losing streak
Plight of the ‘Physical Worker’: Worn-Out Bodies and Little Savings
Stocks making the biggest moves midday: Nike, Tesla, Stitch Fix, Peloton, Nikola & more
Target to hire 130,000 holiday workers, in line with last year, but jobs will focus on online orders

Leave a Reply

Your email address will not be published. Required fields are marked *