Shares in Tim Hortons (TSX:THI) owner Restaurant Brands International (TSX:QSR, NYSE:QSR) are up Tuesday morning after the company reported robust quarterly sales and profit, surpassing market expectations.
Per share earnings came in at US$0.85 for the three months ended June 30, beating Wall Street estimates of $0.77.
The financial performance was attributed to increased demand at Burger King and consistent performance at Tim Hortons (TSX:THI).
The iconic coffee chain saw a 12.5% surge in comparable sales in Canada, driven by improved mobility and popular breakfast offerings.
Meanwhile, Burger King's 'Reclaim the Flame' initiative saw a $12 million investment in Q2, with a significant portion allocated to advertising. The brand’s US operation reported an 8.3% rise in comparable sales, outpacing the predicted 4.5% growth.
Globally, the company's same-store sales grew by approximately 10%, exceeding the 5.75% estimate.
Restaurant Brands’ stock traded 1.3% higher Tuesday morning at $75.39.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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