Restaurant Brands International reports US$328 Q1 net income, sales up from year ago

TORONTO — The owner of Tim Hortons and Burger King says first-quarter profit rose compared with a year earlier as its sales also climbed higher.

Restaurant Brands International Inc., which also owns Popeyes Louisiana Kitchen and Firehouse Subs, says it earned net income of US$328 million or 72 cents per diluted share.

The result was up from net income of US$277 million or 61 cents per diluted share a year earlier.

The company, which keeps its books in U.S. dollars, says revenue totalled US$1.74 billion for the quarter ended March 31, up from US$1.59 billion in the same quarter last year.

The increase came as consolidated comparable sales rose 4.6 per cent.

On an adjusted basis, RBI says it earned 73 cents per diluted share in its latest quarter, down from 75 cents per diluted share a year earlier.

This report by The Canadian Press was first published April 30, 2024.

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The Canadian Press