Burger King parent Restaurant Brands International's quarterly revenue fell short of Wall Street's expectations.
Unlike McDonalds — which owns some 84% of its outlets in Russia — companies such as Burger King, Subway and Papa John's often operate via franchise agreements there. Burger King said it demanded the main operator of its franchises suspend restaurant operations in Russia, but that "they have refused."on Friday reported weaker-than-expected quarterly revenue, hurt by Burger King's disappointing same-store sales growth.
Restaurant Brands reported third-quarter net income attributable to shareholders of $252 million, or 79 cents per share, down from $360 million, or $1.17 per share, a year earlier.rose 6.4% to $1.84 billion. Restaurant Brands said that unfavorable currency exchange rates hurt Tim Hortons, which accounts for roughly 60% of the company's revenue.Burger King's same-store sales grew 7.2%, falling short of StreetAccount estimates of 8.6%.
Tim Hortons' same-store sales growth of 6.8% met Wall Street's expectations. In Canada, the coffee chain's same-store sales climbed 8.1% in the quarter. Popeyes was Restaurant Brands' only chain to outperform expectations for same-store sales growth. The fried chicken chain reported the metric grew 7%, including a 5.6% increase in the U.S. That beat StreetAccount estimates of 5% growth.
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