Restaurant Brands turns last year’s loss into $50 million profit

Revenue from Tim Hortons was down for Restaurant Brands because of the weak Canadian dollar. Image: Ben Nelms / Bloomberg

Restaurant Brands International Inc. reported a profit of $50 million U.S. in its latest quarter compared with a loss a year ago. The company behind Tim Hortons and Burger King says the profit amounted to 21 cents per share for the three months ended March 31.

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That compared with a loss of $8.3 million U.S. or four cents per share in the same quarter last year.Revenue slipped to $918.5 million from $933.3 million as the weak Canadian dollar cut into Tim Hortons revenue.

On an adjusted basis, Restaurant Brands said it earned $142.1 million or 30 cents per share in the latest quarter, up from $73.9 million or 16 cents per share a year ago.Comparable store sales at Tim Hortons increased 5.6 per cent after adjustments for currency changes, while Burger King saw a 4.6 per cent increase.

“Innovative product launches and continued expansion of our global footprint drove favourable comparable sales and system-wide sales growth for the quarter,” Restaurant Brands chief executive Daniel Schwartz said in a statement.

“We believe our focused approach on delivering a great guest experience and growing franchisee profitability will support long-term, sustainable value for our guests, franchisees, employees and shareholders.”

Source The Canadian Press