Tim Hortons continues to struggle
Restaurant Brands International announced that 96 percent of its stores were open as of September amid an ongoing health crisis, as it reported its concepts’ preliminary third quarter sales. Popeyes posted comp(arable) sales growth of 17.4 percent compared to last year, with a 19.7-percent year-over-year increase in the US and 0.3-percent decrease at international stores. Popeyes’ US top-line growth continues to be impressive, in large part due to its consistency on releasing LTOs and the popularity of its Chicken Sandwich.
Burger King saw its comp sales in 3Q decrease 7 percent from last year, comprising a 3.2-percent year-over-year decrease in the US and 10.3-percent decrease from international. Sadly, Tim Hortons saw comp sales drop 12.5 percent from the same quarter last year. Canadian stores decreased comp sales 13.7 percent from last year during the third quarter, and international (including US) posted a 3.6-percent decrease.
Overall, Toronto-based RBI saw comp sales decrease 5.4 percent on a consolidated basis, compared to an increase of 8.9 percent one year ago. RBI also announced third quarter 2020 revenue would total between $1,320M and $1,340M, which includes $10 million of unfavorable foreign exchange currency impact. Without it, RBI would post an organic decline of 7 to 9 percent
Adjusted EBITDA should come in between $555M and $565M, including approximately $5 million of unfavorable foreign exchange currency impact. Without this impact, the results would lead to an organic decrease between 5 percent and 7 percent, reported the company.
Photo credit: RBI (featured preview image)
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