Driven by the expansion of its overseas restaurants and Tim Hortons, Restaurant Brands overseas posted quarterly earnings and revenue on Thursday that above analysts’ forecasts. According to CEO Josh Kobza, the two segments together generate about 70% of the company’s profits.
Like many restaurants, the business has noticed a decline in eating expenditures among low- and middle-class patrons in recent quarters. Executives attributed the company’s good quarterly performance, especially at Burger King’s U.S. locations, to sticking to their plan and avoiding the so-called “value wars,” even though diners didn’t alter their behavior in the third quarter.
Tim Hortons reported a 4.2% increase in same-store sales. To increase traffic and profits at its outlets, the Canadian coffee business has been focusing more on its culinary options. Additionally, executives stated that a better iced latte is fueling the 10% increase in cold drink sales during the quarter.
Burger King’s same-store sales rose 3.1%, demonstrating the success of the chain’s turnaround plan in the US. To boost domestic sales, Burger King has concentrated on restaurant upgrades and marketing centred around staple menu items like the Whopper. Burger King U.S. President Tom Curtis says the renovated eateries are also benefiting franchisees, boosting operators’ profitability.
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