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Tim Hortons parent misses profit expectations as coffee shop sales fall

Tim Hortons parent misses profit expectations as coffee shop sales fall
Business
TORONTO — Restaurant Brands International Inc. reported its first-quarter profit fell compared with a year ago as comparable sales at its Tim Hortons locations fell.

The company, which keeps its books in U.S. dollars, reported a profit attributable to common shareholders of US$135 million or 53 cents per diluted share compared with a profit of $148 million or 59 cents per diluted share a year ago.

U.S.-listed shares of Restaurant Brands fell 3.8 per cent to US$63.94 premarket.

On an adjusted basis, the parent company of Tim Hortons, Burger King and Popeyes restaurants said it earned $255 million or 55 cents per diluted share for the quarter, down from an adjusted profit of $314 million or 66 cents per share in the same quarter last year.

Analysts on average had expected a profit of 58 cents per share for the quarter, according to Thomson Reuters Eikon.

Revenue in the three-month period ended March 31 totalled nearly $1.27 billion, up from $1.25 billion a year ago.

The increase came as comparable store sales at Tim Hortons fell 0.6 per cent, while Burger King comparable sales increased 2.2 per cent. Popeyes comparable sales increased 0.6 per cent.
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