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Restaurant Brands quarterly revenue beats estimates on Burger King sales

Stock Markets22 minutes ago (Apr 30, 2021 06:50AM ET)

(C) Reuters. The company logo for Restaurant Brands International is displayed on a screen on the floor at the NYSE in New York

(Reuters) -Restaurant Brands International Inc beat quarterly revenue estimates on Friday, as a reopening U.S. economy and government stimulus checks boosted spending at the company’s Burger King chain.

After a year of ordering in, more Americans have started to go back to restaurants as a $1,400 stimulus payment from the government in March boosted spending, while the rollout of COVID-19 vaccines lifted consumer confidence.

Total revenue rose to $1.26 billion in the first quarter ended March 31, from $1.23 billion a year earlier, and was above analysts’ average estimate of $1.25 billion, according to IBES data from Refinitiv.

However, same-store sales at the company’s Popeyes restaurant chain rose just 1.5% in the quarter, missing expectations of 1.7% growth. The Cajun-inspired fast-food chicken chain struggled to repeat last year’s explosive growth when its social-media favorite chicken sandwich was still fresh in the minds of Americans.

Restaurant Brands quarterly revenue beats estimates on Burger King sales

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