Restaurant Brands sees lower revenue as weak loonie hurts Tim Hortons & Burger King
In currency neutral terms sales were up 6.3 per cent but Tim Hortons books revenue in U.S. dollars
Restaurant Brands International Inc. had $1.02 billion US of revenue in the third quarter, a decline from last year as currency fluctuation took a bite out of Tim Hortons results.
Tim Hortons contributed $737.7 million of revenue, which was down from $834.1 million a year earlier — mainly because of the impact of a weaker Canadian dollar.
On a constant-currency basis, Tim Hortons revenue would have been up 6.3 per cent from a year earlier.
Burger King revenue was $282 million, up 11.2 per cent.
Restaurant Brands was formed last year as a result of the merger that was completed last December.
It reports that it had $49.6 million of net income or 24 cents per share in the third quarter. If the companies had been combined in the third quarter of 2014, Restaurant Brands would have had a $46.1-million net income or 23 cents per share.