Restaurant Brands International 2Q Profit Rises, Revenue Misses as Growth Slows

By Adriano Marchese

Restaurant Brands International profit rose in the second quarter while revenue growth missed expectations amid a slowdown in growth among its brands, including declining sales from Burger King.

The Canadian-American multinational fast food company that houses the Tim Hortons and Burger King brands, on Thursday logged net income $399 million, or 88 cents a share, up from $351 million, or 77 cents a share, in the comparable quarter a year ago.

Adjusted earnings were 86 cents a share, meeting consensus expectations for the period, according to FactSet.

Sales rose to $2.08 billion from $1.78 billion, just shy of consensus expectations of $2.1 billion.

Restaurant Brands consolidated system-wide sales growth slowed down in the quarter to 5%, compared with a growth of 14% a year earlier.

While all its brands saw lower sales growth, Burger King logged a decline of 0.7%, compared with a growth of 8.1%.

Tim Hortons growth came in at 5.4%, down from 12.1%, and its international segment grew by 9.2%, down from 21.5% a year earlier.

On a comparable basis, consolidated sales growth was 1.9%, down from 9.6%.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

August 08, 2024 07:37 ET (11:37 GMT)

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