(Reuters) -Restaurant Brands International inched past Wall Street estimates for quarterly revenue on Tuesday, helped by efforts to turn around its Burger King business, as well as strong demand at Tim Hortons.
The company in September 2022 set the ball rolling on a turnaround at Burger King that included remodeling stores and tailoring marketing to draw more younger customers to revive sales amid intense rivalry with McDonald’s.
Cheaper snack items such as the Crispy Wraps and deals like the ‘$5 Duo’ meal have also pulled in American diners seeking affordable meal options when household budgets remain under pressure from high food prices.
Total same-store sales at the Burger King division rose 6.3%, beating estimates of a 5.87% increase, per LSEG data.
That, coupled with steady demand for cold drinks, donuts and breakfast bundles at Tim Hortons helped same-store sales grow 5.8% at Restaurant Brands in the reported quarter.
Total revenue rose to $1.82 billion in the fourth quarter from $1.69 billion a year earlier, compared with analysts’ average estimate of $1.81 billion.
(Reporting by Deborah Sophia in Bengaluru; Editing by Sriraj Kalluvila)
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