Restaurant Brands International (QSR), the company behind Burger King, Popeyes, Tim Hortons and Firehouse Subs, also failed to meet Wall Street expectations. The company posted adjusted earnings per share of 93 cents, versus an estimate of 95 cents, and revenue of $2.29 billion, just below the $2.31 billion target.
Overall, same-store sales rose just 0.3%, while Burger King, Popeyes and Firehouse Subs suffered domestic declines. Burger King’s U.S. same-store sales fell 0.7%, underscoring its uphill battle for a turnaround. Popeyes fell 4% domestically despite adding boneless wings in June, while Firehouse Subs reported a surprising 4.8% decline.
Tim Hortons emerged as the standout, with Canadian same-store sales increasing 2.3%. While Tim Hortons offers a bright spot, Restaurant Brands’ future depends on reviving Burger King and Firehouse Subs to support growth.