Published 19:38 IST, October 28th 2019
Burger King, Popeye’s strong in Restaurant Brands 3Q
Restaurant Brands International Inc. reported a 5% increase in same-store sales at Burger King locations in the U.S. during the quarter, crediting the launch of the Impossible Whopper for the improvement.
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The Impossible Whopper propelled Burger King to its best third-quarter comparable sales increase in four years, the chain’s owner said Monday.
Restaurant Brands International Inc. reported a 5% increase in same-store sales at Burger King locations in the U.S. during the quarter, crediting the launch of the Impossible Whopper for the improvement.
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Burger King announced in August that it would start selling the plant-based Impossible Whopper nationwide after a successful test run in seven markets. It first started selling the soy-based burgers, which are made by Impossible Foods, in April.
Toronto-based Restaurant Brands also said that Popeye’s had comparable sales growth of more than 10% in the U.S., one of its best quarters in almost two decades. The chain offered a limited-time chicken sandwich over the summer and announced Monday the Popeyes Chicken Sandwich will be back on Sunday.
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The strong performances from Burger King and Popeye’s helped offset weakness at Tim Horton’s, which experienced a 1.4% decline in comparable sales.
Restaurant Brands earned $201 million, or 75 cents per share, for the period ended Sept. 30. That compares with $134 million, or 53 cents per share, a year earlier.
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Stripping out one-time items, earnings were 72 cents per share. That’s in line with the expectations of analysts surveyed by Zacks Investment Research.
Revenue totaled $1.46 billion in the period, also meeting Wall Street’s view.
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Shares rose slightly before the market open.
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Portions of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on QSR at https://www.zacks.com/ap/QSR
19:35 IST, October 28th 2019