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Feb, 18 2015

Burger King, Tim Hortons parent reports increase in quarterly sales

This increase in the sales show the first earning result of the group since it acquired Tim Hortons. The record also reflects solid growth in existing restaurants and the addition of new outlets.

Burger King and Tim Hortons newly clamed parent company, Restaurant Brands International has recorded an increase in quarterly sales, reported WSJ.

Burger King reported a 7.7 per cent sales growth whereas Tim Hortons recorded a 7.4 per cent in the fourth quarte sales.

This increase in the sales show the first earning result of the group since it acquired Tim Hortons.

The record also reflects solid growth in existing restaurants and the addition of new outlets.

Executives at Restaurant Brands, based in Oakville, Ontario, said advisers’ fees combined with other expenses related to Burger King’s $11 billion acquisition of Canadian coffee-and-doughnut chain last year propelled an overall net loss in the fourth quarter of $514.2 million, or $2.52 a share, on revenue of $416.3 million. Still, some of the combined company’s profit measures increased.

“When you look at the results for both brands it speaks to the iconic status of both brands and why we want to own both of these brands for the long term,” said, Daniel Schwartz,  Chief Executive Restaurant Brands, who previously had been Burger King’s CEO.

“Burger King and Tim Hortons, which maintained separate management after the merger, are focused on expanding franchisees’ profitability and boosting expansion outside home markets to spur sales growth. Starting late last year, more than half of Burger King’s outlets were outside the US for the first time,” he added.

Though the company recently announced it would lay off about 350 people in its Tim Hortons division, Restaurant Brands executives said the cost cuts weren’t the driving factor behind the acquisition. Instead, executives said they hoped to use what they have learned through boosting Burger King’s international presence to augment the pace of Tim Hortons’s global expansion.
 

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