Restaurant Brands, the parent company of Burger King, fails revenue forecasts.
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Restaurant Brands International (NYSE: QSR) Inc missed quarterly revenue projections on Monday, as the Delta variant slowed the return to offices and a staffing shortage hurt sales at its Tim Hortons and Burger King locations.
In the quarter ending Sept. 30, total sales increased to $1.50 billion, up from $1.34 billion a year earlier. According to Refinitiv’s IBES data, revenue was anticipated to be $1.53 billion.
The hamburger chain, like most rivals, has struggled to ensure its restaurants have sufficient staff, with its newly launched hand-breaded chicken sandwich also considered a labor-intensive product.
Net income attributable to common shareholders rose to $221 million, or 70 cents per share in the quarter ended Sept. 30, from $145 million, or 47 cents per share, a year earlier.
Story By: Norvisi Mawunyegah