Restaurant Brands International Inc.
QSR,
said Friday it had net income of $252 million, or 79 cents a share, in the third quarter, down from $360 million, or $1.17 a share, in the year-earlier period. Adjusted per-share earnings came to 90 cents, ahead of the 85 cent FactSet consensus. Revenue rose to $1.837 billion from $1.726 billion, a whisker below the $1.867 billion FactSet consensus. The parent of Burger King, Tim Horton’s and Popeyes Louisiana Kitchen said global same-store sales rose 7%, driven by an 8% gain at Tim Horton’s Canada, a 7.6% gain at Burger King International and a 6.6% gain for Burger King U.S. The company said higher commodity, labor, and energy costs in 2022 and year-to-date 2023, partially due to the macroeconomic impact of both the war in Ukraine and COVID-19, have resulted in increases in inflation, foreign exchange volatility and rising interest rates. Those “may be exacerbated by the conflict in the Middle East and could have an adverse impact on our business and results of operations if we and our franchisees are not able to adjust prices sufficiently to offset the effect of cost increases without negatively impacting consumer demand,” it said in a statement. The stock has gained 7% in the year to date, while the S&P 500 has gained 12%.
