The confinement that continues in much of Canada is “the biggest factor” affecting its performance.
Sanitary measures continue to hamper sales of Tim Hortons (QSR), victims of the disruption of daily rituals such as morning coffees, according to the boss of his parent company.
Restaurant Brands International CEO Jose Cil believes the continued lockdown across much of Canada is “the biggest factor” affecting its performance, with travel still limited.
“Americans have a very different COVID-19 exit path from Canadians,” he said on a conference call with analysts on Friday.
Indeed, Restaurant Brands, which also operates the Burger King and Popeyes banners, exceeded expectations with its quarterly results.
The company, which maintains its books of account in US dollars, posted net profit attributable to common shareholders of US $ 179 million, or 58 US cents per share, on a diluted basis, for the quarter ended March 31. By comparison, it grossed US $ 144 million, or 48 cents per share, for the same period last year.
Its revenues totaled US $ 1.26 billion, up from US $ 1.23 billion for the first three months of 2020.
But that big picture camouflages the lingering slump at Tim Hortons, whose system-wide sales fell 4.9% in the first quarter. A drop of 9.9% was recorded in the corresponding period last year, compared to that of 2019.