Burger King parent Restaurant Brands misses sales estimates on muted demand (updated)

Restaurant Brands International

05/11/2024 11:43

(Adds shares in paragraph 2, details in paragraphs 4,5)
       Nov 5 (Reuters) - Restaurant Brands  QSR.N   QSR.TO 
missed estimates for quarterly revenue on Tuesday due to weak
demand across key businesses such as Tim Hortons, Burger King
and international markets including China and the Middle East. 
    The Toronto, Canada-based company's U.S.-listed shares were
down 5% before the bell. 
    Consumers are relying on cheaper, home-cooked meals instead
of eating out as fast food prices have risen over the past year,
hurting traffic at Burger King, McDonald's  MCD.N  and others in
the restaurant industry. 
    Steady demand for cold drinks, donuts and breakfast bundles
at Tim Hortons drove quarterly same-store sales growth of 2.3%
at the coffee chain, but Burger King declined 0.7%, compared
with a 6.6% rise last year.
    The company reported net income of $357 million, down from
$365 million in the prior-year period.
    Total revenues for the three months ended September 30 came
in at $2.29 billion, below analysts' expectations of $2.31
billion, according to data compiled by LSEG.

 (Reporting by Savyata Mishra in Bengaluru; Editing by Devika
Syamnath)
 ((Savyata.Mishra@thomsonreuters.com;))