Restaurant Brands International reported fiscal third-quarter results that reflected divergent performance across its restaurant brands. The company posted net income attributable to common shareholders of $542 million, or $1.54 per share, compared with $315 million, or 96 cents per share, in the corresponding period a year earlier. On an adjusted basis excluding certain non-cash items, the company earned $1.10 per share.
Net revenue increased 3.1% to $2.53 billion. Consolidated same-store sales across all restaurants grew 3.8%, reflecting strength in some segments offset by weakness in others. The international business contributed same-store sales growth of 3.9%, driven primarily by Burger King locations operating outside its home market.
Burger King delivered the strongest performance, with U.S. same-store sales rising 8.4% as the brand continued progressing through a multiyear turnaround effort centered on food quality improvements and restaurant renovations. Tim Hortons, the company’s Canadian coffee and quick-service restaurant chain, reported same-store sales growth of 1.8% in its primary market.
Popeyes represented the significant drag on overall results, with U.S. same-store sales declining 2.2%. The fried chicken chain has faced competitive pressures from rival operators employing aggressive discount strategies to win market share. Restaurant Brands indicated it is pursuing turnaround initiatives at Popeyes focused on streamlining restaurant operations and emphasizing core menu offerings.
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