Burger King parent company Restaurant Brands International (QSR) reported third quarter results before the market open on Wednesday. Earnings were weaker than expected, and sales were a little light.
Same-store sales at Burger King stores grew at a disappointing 1% rate, down from 3.6% a year ago and short of analysts’ expectation for 1.5% growth. Tim Hortons same-store sales climbed 0.6%, beating expectations for 0.4% growth.
Chicken chain Popeyes, which is the smallest of the company’s three brands, saw same-store sales grow just 0.5%, which was actually an improvement from a 1.8% decline a year ago.
“We remain confident that our focus on guest satisfaction and franchisee profitability will drive growth at all three of our brands for many years to come,” CEO Daniel Schwartz said in a statement.
Earnings came weaker-than-expected at 63 cents per share versus Wall Street’s estimate of 65 cents per share.
QSR shares were modestly lower following the news.
Heidi Chung is a reporter for Yahoo Finance. Follow her on Twitter: @heidi_chung.
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