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Jul, 28 2015

Burger King, Tim Hortons owner posts better-than-expected profit

The world\'s third-largest fast-food restaurant group\'s shares rise 7.5 percent to a five-month high on Monday after both chains posted a rise in second-quarter comparable restaurant sales.

Restaurant Brands International Inc, formed out of Burger King's takeover of Canadian coffee and doughnut chain Tim Hortons last year, reported by Reuters, a better-than-expected quarterly profit as new menu items helped attract customers.

The world's third-largest fast-food restaurant group's shares rise 7.5 percent to a five-month high on Monday after both chains posted a rise in second-quarter comparable restaurant sales.

The company said comparable sales at Tim Hortons raised 5.5 percent and Burger King's comparable sales rose by 6.7 percent, during the quarter.

In this quarter, Restaurant Brands opened 52 net new Tim Hortons restaurants and 141 net new restaurants at Burger King.

The company, posting second-quarter results for the first time, reported a net profit attributable to shareholders of $9.6 million or 5 cents per share, for the three months ended June 30, compared with a loss of $8.1 million or 4 cents per share.

in the first quarter. According to Thomson Reuters I/B/E/S, the company reported a profit of 30 cents per share, beating average analysts estimate of 25 percents. Revenue rose nearly 12 percent to $1.04 billion, narrowly beating analysts' expectations of $1.01 billion. Till Friday's close, Toronto-listed shares had risen nearly 15 percent by this year, at the same time its US-listed shares were up nearly three percent.

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