“Restaurant Brands earnings beats estimates, fueled by Tim Hortons’ and Burger King’s strong sales”
May 2, 2023
“…Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
- Earnings per share: 75 cents adjusted vs. 64 cents expected
- Revenue: $1.59 billion vs. $1.56 billion expected
Restaurant Brands reported first-quarter net income of $277 million, or 61 cents per share, up from $270 million, or 59 cents per share, a year earlier.
Excluding items, the company earned 75 cents per share.
Net sales rose 9.6% to $1.59 billion. The company’s same-store sales grew 10.3% in the quarter, fueled by double-digit growth at Burger King and Tim Hortons.
Burger King’s same-store sales rose 12.3%, beating StreetAccount estimates of 6.8%. In the U.S., the burger chain’s same-store sales increased 8.7%, an early sign that its domestic turnaround is taking hold…”
https://www.cnbc.com/2023/05/02/restaurant-brands-international-qsr-earnings-q1-2023.html
I think this is weird. With food prices the way they are most people should be eating out less. At least they should in theory to save money. I’d like to see how middle and upper class restaurants are preforming.