Burger King's Impossible Whopper and Popeyes' chicken sandwich boost owner's sales - CNBC

In this photo illustration, the new Impossible Whopper sits on a table at a Burger King restaurant on August 8, 2019 in Brooklyn, New York.

Drew Angerer | Getty Images

Restaurant Brands on Monday reported quarterly earnings that met analysts' expectations as the nationwide launches of Burger King's Impossible Whopper and Popeyes' chicken sandwich helped lift sales of the chains' parent company.

Shares of the company were up fractionally in premarket trading.

Here's what Restaurant Brands reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

• Earnings per share: 72 cents, adjusted, matching estimates
• Revenue: $1.46 billion, vs. $1.47 billion expected

Restaurant Brands reported fiscal third-quarter net income of $351 million, or 75 cents per share, up from $250 million, or 53 cents per share, a year earlier.

Excluding items, the company earned 72 cents per share, in line with analyst expectations in a Refinitiv survey.

Net sales rose 6% to $1.46 billion, narrowly missing estimates of $1.47 billion.

Popeyes' overall same-store sales grew by 9.7% during the quarter. The chain launched a chicken sandwich nationwide for the first time in August and sold out of the product in a little more than two weeks.

"Popeyes had one of its best quarters in nearly two decades, achieving comparable sales growth of more than 10% in the U.S.," Restaurant Brands CEO Jose Cil said in a statement.

The chicken sandwich will return to stores nationwide Nov. 3.

Burger King reported its strongest quarterly same-store sales growth since 2015, thanks to its nationwide launch of the meatless Impossible Whopper in August.

While Popeyes and Burger King beat expectations, Tim Hortons, which accounts for roughly 60% of Restaurant Brands' total revenue, was once again the laggard of the three chains. The Canadian coffee chain's same-store sales declined by 1.4% during the quarter.

Read the full earnings release here.

Let's block ads! (Why?)

Business - Latest - Google News
October 28, 2019 at 05:35PM
https://ift.tt/2MTxLTm

Burger King's Impossible Whopper and Popeyes' chicken sandwich boost owner's sales - CNBC
Business - Latest - Google News
https://ift.tt/2Rx7A4Y

Bagikan Berita Ini