Burger King and Popeyes owner Restaurant Brands on Monday reported quarterly earnings that met analysts’ expectations as the nationwide launches of Burger King’s Impossible Whopper and Popeyes’ chicken sandwich helped lift sales.
Shares of the company were up less than 1% in premarket trading.
Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
- Earnings per share: 72 cents, adjusted, matching estimates
- Revenue: $1.46 billion, vs. $1.47 billion expected
Restaurant Brands reported fiscal third-quarter net income of $351 million, or 75 cents per share, up from $250 million, or 53 cents per share, a year earlier.
Excluding items, the company earned 72 cents per share, in line with the 72 cents per share expected by analysts surveyed by Refinitiv.
Net sales rose 6% to $1.46 billion, narrowly missing expectations of $1.47 billion.
Popeyes’ overall same-store sales grew by 9.7% during the quarter. The chain launched a chicken sandwich nationwide for the first time in August and sold out of the product in a little more than two weeks.
“Popeyes had one of its best quarters in nearly two decades, achieving comparable sales growth of more than 10% in the U.S.,” Restaurant Brands CEO Jose Cil said in a statement.
Burger King reported its strongest quarterly same-store sales growth since 2015, thanks to its nationwide launch of the meatless Impossible Whopper in August.
Tim Hortons, which accounts for roughly 60% of Restaurant Brands’ total revenue, was once again the laggard of the three chains. The Canadian coffee chain’s same-store sales declined by 1.4% during the quarter.