Restaurant Manufacturers Worldwide on Tuesday reported quarterly earnings and income that topped analysts’ expectations as digital orders made up practically a 3rd of the corporate’s international gross sales.
Shares of the corporate have been down lower than 1% in premarket buying and selling.
Right here’s what the corporate reported for the quarter ended Dec. 31 in contrast with what Wall Road was anticipating, primarily based on a survey of analysts by Refinitiv:
- Earnings per share: 74 cents adjusted vs. 70 cents anticipated
- Income: $1.55 billion vs. $1.5 billion anticipated
The restaurant firm reported fourth-quarter internet earnings of $261 million, or 57 cents per share, up from $138 million, or 30 cents per share, a yr earlier.
Excluding objects, Restaurant Manufacturers earned 74 cents per share, beating the 70 cents per share anticipated by analysts surveyed by Refinitiv.
Internet gross sales rose 14% to $1.55 billion, topping expectations of $1.5 billion. The corporate stated international digital gross sales climbed from $6 billion in 2020 to $10 billion in 2021, accounting for 30% of its system-wide gross sales. Its robust digital development got here as among the firm’s eating places confronted labor challenges, resulting in diminished working hours and shuttered eating rooms.
Tim Hortons reported same-store gross sales development of 10.3% within the quarter, falling shy of StreetAccount’s 10.6% estimate. The Canadian espresso chain has taken longer than Restaurant Manufacturers’ different chains to bounce again from the pandemic due to its residence market’s restrictions. And even earlier than the well being disaster, the chain was investing in new coffee-making tools and revamping its menu to encourage Canadians to return to its shops.
Burger King’s same-store gross sales climbed 11.3%, topping StreetAccount’s estimates of 10%. However U.S. same-store gross sales development was simply 1.8%. The burger chain has been struggling in its residence market, outpaced by rivals like McDonald’s. Restaurant Manufacturers CEO Jose Cil has stated that the chain will lower menu objects to hurry up drive-thru lanes and remove the usage of paper coupons in favor of its app and loyalty program.
Popeyes Louisiana Kitchen was the one chain to report same-store gross sales declines. The fried rooster chain’s same-store gross sales shrank 0.4% globally and 1.8% within the U.S. A yr earlier, its international same-store gross sales fell 5.8%. The recognition of its rooster sandwich helped the chain’s gross sales soar in 2019 and early 2020, however gross sales could lastly be stabilizing. Wall Road was predicting same-store gross sales development of two.2% for the chain, based on StreetAccount estimates.
Firehouse Subs, the most recent addition to Restaurant Manufacturers’ portfolio, noticed its same-store gross sales climb 14.7% within the quarter. Restaurant Manufacturers purchased the sandwich chain in mid December for $1 billion, so its efficiency was solely included in monetary outcomes from Dec. 15 to Dec. 26.
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