Restaurant Brands reports sales grew 14 per cent in the second quarter
Written by The Canadian Press on August 4, 2022
TORONTO — Tim Hortons’ parent company Restaurant Brands International Inc. saw sales grow 14 per cent in the second quarter, although they were down compared to the same time in 2021.
The company, which keeps its books in U.S. dollars, says global system-wide sales were up nearly US$1 billion year-over-year to over US$10 billion, with digital sales growing by double-digits over the same period.
RBI CEO José Cil says the company was able to drive sales at Tim Hortons Canada above pre-pandemic levels for the first time since the onset of the pandemic.
RBI, which also includes Burger King, Popeyes Louisiana Kitchen and Firehouse Subs, says its net income attributable to common shareholders totalled US$236 million or 76 cents per diluted share for the quarter ended June 30, down from US$259 million or 84 cents per diluted share a year earlier.
Revenue for the quarter totalled US$1.64 billion, up from US$1.44 billion in the same period last year.
On an adjusted basis, RBI says it earned 82 cents per diluted share in its latest quarter, up from an adjusted profit of 77 cents per diluted share a year earlier.
This report by The Canadian Press was first published Aug. 4, 2022.
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