Restaurant Brands International earnings beat as Burger King's U.S. business soars
📰 source: cnbc_topnews · 💼 business
restaurant brands international beat wall street's earnings expectations for the second quarter, helped by a surging burger king. the company reported adjusted earnings of $1.07 per share versus the $1.03 analysts expected. revenue came in at $2.52 billion, in line with forecasts. net income attributable to shareholders jumped to $507 million, or $1.45 per share, from $189 million, or 57 cents per share, a year earlier.
burger king's u.s. same-store sales climbed 8.5%, a stark contrast to mcdonald's 0.8% growth in the same period. ceo josh kobza credited investment in fundamentals and execution. international burger king locations also posted 5.4% same-store sales growth.
other chains lagged. tim hortons' same-store sales in canada were essentially flat, while popeyes louisiana kitchen saw u.s. same-store sales drop 5.2%, as value-conscious diners spread spending across more competitors.
why it matters: burger king's turnaround is driving outperformance for restaurant brands, while popeyes' slump signals value-conscious consumers are shifting spending.
source: cnbc_topnews
sentiment: +0.80 · impact: 0.70