Restaurant Brands International (NYSE: QSR), reported strong second-quarter earnings on Thursday amid international sales growth at Burger King and the turnaround experienced at Tim Hortons’ Canadian stores. The company’s shares rose 5% during early morning trading after the news.
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The multinational fast food holding company reported USD0.82 per share, compared to the expected USD0.73 a share. Revenue amounted to USD1.64 Billion, higher than analysts anticipated USD1.57 Billion.
“We made significant progress across our business in the second quarter, accelerating consolidated comparable sales to 9% and driving 14% growth in global system-wide sales. These results reflect benefits from our dedicated investments in key areas of the business, including people, technology, operations, and marketing,” said José Cil, Chief Executive Officer of RBI.
Net sales throughout the quarter rose 14% to USD1.64 Billion. Global same-store sales increased 9% following the performance of Tim Hortons and Burger King. Similar to many of its rivals, the company raised its menu prices during the period in order to help combat rising food and freight costs.
“Our second quarter results demonstrate the benefits of our diversified, global business model and strong free cash flow generating capability which allows us to continue investing in important areas of the business while returning capital to shareholders. I am incredibly proud of the hard work of our franchisees, team members and employees who remain focused on executing against our long-term plans to drive sustainable growth,” concluded Cil.