Restaurant Brands International Inc. reported its third-quarter profit fell compared with a year ago as sales also dropped due to the pandemic.
The parent company of Tim Hortons, Burger King and Popeyes, which keeps its books in U.S. dollars, says it net income amounted to US$223 million or 47 cents per diluted share, down from net income of US$351 million or 75 cents per diluted share a year earlier.
Revenue totalled US$1.34 billion for the quarter ended Sept. 30, down from US$1.46 billion in the same period a year ago.
The company says the year-over-year decrease in sales was primarily driven by a decline at Tim Hortons and Burger King and a decrease in supply chain sales, partially offset by an increase in sales at Popeyes.
On an adjusted basis, Restaurant Brands says it earned US$320 million or 68 cents per diluted share, down from an adjusted profit of US$337 million or 72 cents per diluted share in the same quarter last year.
Analysts on average had expected a profit of 63 cents per share for the quarter, according to financial data firm Refinitiv.
Companies in this story: (TSX:QSR, TSX:QSP.UN)