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Tims beats expectations

The owner of Tim Hortons and Burger King is reporting flat sales at its established locations in the first quarter but a nine per cent increase in revenue, which was above analyst estimates.

Restaurant Brands International Inc. says comparable sales at locations open at least a year were down one-tenth of a per cent at both chains, after adjusting for currency fluctuations.

"I can assure you we're going to be working very hard ... to improve the pace of sales growth in the coming quarters," said CEO Daniel Schwartz, adding the company believes they have the right initiatives in place to drive long-term growth.

For example, starting today, Tim Hortons will serve freshly-ground espresso bean lattes at nearly all of its restaurants.

The Oakville, Ont.-based company says its net income, reported in U.S. dollars, was also flat compared with a year ago, at US$50.2 million or 21 cents per share.

However, RBI's overall revenue increased by $82.1 million to about US$1 billion — about three-quarters of it from Tim Hortons — and adjusted earnings rose 20 per cent to $170.6 million, or 36 cents per share.



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