Burger King owner Restaurant Brands beats on higher international demand

Restaurant Brands International Inc’s quarterly profit beat analysts’ expectations on Friday, as more diners visited its Burger King outlets, and investments made in international expansion paid off.

The Canada-based quick-service restaurant company owns Burger King, Tim Hortons, and Popeyes Louisiana Kitchen.

Fast-food chains in North America are exploring ways to add faux meat offerings to their menu, as more customers switch to vegan diets. Burger King was one of the first publicly listed burger chains to join the vegan bandwagon.

Comparable sales at Burger King, which is known for its Whopper burgers and onion rings, rose 3.6% in the second quarter.

The company’s net income fell to $257 million, or 55 cents per share, in the quarter ended June 30, from $314 million, or 66 cents per share, a year earlier.

On an adjusted basis, the company earned 71 cents per share, while analysts on average had estimated 65 cents, according to IBES data from Refinitiv.

Revenue rose to $1.4 billion from $1.34 billion.

Source:- https://retail.economictimes.indiatimes.com/news/food-entertainment/food-services/burger-king-owner-restaurant-brands-beats-on-higher-international-demand/70510374

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