© Reuters. FILE PHOTO – Plates with a box of fried chicken for $16.99 and a sandwich are on display at a Popeyes restaurant in New York City, New York, USA May 26, 2021. Photo taken May 26, 2021. REUTERS/Hilary Russ
(Reuters) -Restaurant Brands International Inc. beat estimates for quarterly revenue on Tuesday, as parent company Popeyes and Burger King experienced an uptick in demand at its restaurant chains after COVID-19 restrictions were eased in Canada and the United States.
Consumers are increasingly eating out, encouraged by higher vaccination rates, after the nearly two-year health crisis led to restaurant closures and eating restrictions that kept people away from their favorite fast food joints.
The demand for breakfast items has also increased as more people work from their offices and grab their sandwiches and coffee on the way to work, benefiting coffeehouse chains such as Tim Hortons and Starbucks Corp (NASDAQ:).
Burger King comparable sales in the United States were up nearly 2%, compared with estimates of a marginal decline.
Total revenue rose to $1.55 billion in the fourth quarter ended December 31, from $1.36 billion a year earlier. Analysts expected revenue of $1.52 billion on average, according to IBES data from Refinitiv.
Net income attributable to common shareholders nearly doubled to $179 million, or 57 cents per share, from $91 million, or 30 cents per share a year earlier.
Fusion Media or anyone associated with Fusion Media assumes no liability for any loss or damage resulting from reliance on any information, including data, quotes, charts, and buy/sell signals on this website. Be fully informed about the risks and costs associated with trading the financial markets, it is one of the riskiest forms of investment possible.