Restaurant Brands beats quarterly revenue estimates on higher pricing
Restaurant Brands Beats Quarterly Revenue Estimates
Restaurant Brands International Inc has beaten Wall Street estimates for quarterly revenue, thanks to higher prices and increased traffic at its Burger King and Tim Hortons chains. Last month, McDonald’s Corp and Chipotle Mexican Grill Inc also posted better-than-expected quarterly sales as they have been bumping up menu prices to protect their margins from a jump in raw material and labor costs.
Restaurant Brands’ Burger King chain has been able to attract younger customers to its restaurants through a newly released viral “Whopper Whopper” jingle. It is also working on a $400 million “Reclaim the Flame” plan to boost sales. Burger King’s comparable sales increased 10.8% in the March quarter, while coffee and restaurant chain Tim Hortons, which houses a majority of its outlets in Canada, saw its quarterly comparable sales rise 13.8%. Total revenue rose to $1.59 billion in the first quarter from $1.45 billion a year earlier. Analysts on average had expected revenue of $1.56 billion, according to Refinitiv IBES data.
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