Restaurant Brands profit misses on slowing sales growth
(Reuters) - Restaurant Brands International Inc missed analysts' estimates for first-quarter profit on Monday, hit by slowing growth at its Burger King, Tim Hortons and Popeyes Louisiana Kitchen chains.
Comparable sales at Tim Hortons fell 0.6 percent; while same-store sales at Burger King grew 2.2 percent in the reported quarter, less than 3.8 percent a year earlier.
Ontario-based Restaurant Brands has been working on various promotional activities and loyalty programs to deal with mounting competition from rivals like McDonald's Corp, Yum Brands Inc and Dunkin' Brands Group Inc.
On an adjusted basis, Restaurant Brands earned 55 cents per share, while analysts on average had estimated 58 cents, according to IBES data from Refinitiv.
The company's adjusted net income fell to $255 million (£197 million), or 55 cents per share, in the first quarter ended March 31, from $314 million, or 66 cents per share, a year earlier.
Total revenue rose to $1.27 billion from $1.25 billion.
(Reporting by Shradha Singh in Bengaluru)
