Burger King Owner Restaurant Brands International's 4Q Profit Falls
February 11 2021 - 7:44AM
Dow Jones News
By Dave Sebastian
Restaurant Brands International Inc., the parent of Burger King,
Tim Hortons and Popeyes, said fourth-quarter profit fell as the
pandemic continued to have an effect on the hospitality sector,
though the company raised its quarterly dividend by a penny to 53
cents a share.
The company Thursday reported net income of $91 million, down
from $165 million a year earlier. Earnings were 30 cents a share,
down from 54 cents a share in the prior year.
Adjusted earnings were 53 cents a share, lower than the 66 cents
a share analysts polled by FactSet had expected.
Revenue fell to $1.36 billion from $1.48 billion a year earlier,
and was lower than the $1.37 billion analysts had expected.
Comparable sales for Tim Hortons fell 11%, Burger King's dropped
7.9% and Popeyes's fell 5.8%, the company said. Digital sales more
than doubled in North America for the year, it said.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
February 11, 2021 07:29 ET (12:29 GMT)
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