Tim Hortons parent Restaurant Brands misses sales estimates on muted demand
Restaurant Brands missed estimates for quarterly revenue on Tuesday due to weak demand across key businesses such as Tim Hortons, Burger King and international markets including China and the Middle East.
The Toronto-based company's U.S.-listed shares were down five per cent before the bell.
Consumers are relying on cheaper, home-cooked meals instead of eating out as fast food prices have risen over the past year, hurting traffic at Burger King, McDonald's and others in the restaurant industry.
Steady demand for cold drinks, donuts and breakfast bundles at Tim Hortons drove quarterly same-store sales growth of 2.3 per cent at the coffee chain, but Burger King declined 0.7 per cent, compared with a 6.6 per cent rise last year.
The company reported net income of US$357 million, down from US$365 million in the prior-year period.
Total revenues for the three months ended September 30 came in at US$2.29 billion, below analysts' expectations of US$2.31 billion, according to data compiled by LSEG.
(Reporting by Savyata Mishra in Bengaluru; Editing by Devika Syamnath)
CTVNews.ca Top Stories
A police photographer recounts the harrowing day of the Polytechnique massacre
Montreal crime scene photographer Harold Rosenberg witnessed a lot of horror over his thirty years on the job, though nothing of the magnitude of what he captured with his lens at the Polytechnique on December 6, 1989. He described the day of the Montreal massacre to CTV Quebec Bureau Chief Genevieve Beauchemin.
NDP's Singh forces debate on $250 cheques for more Canadians; Conservatives cut it short
With the fate of the federal government's promised $250 cheques for 18.7 million workers hanging in the balance, the NDP forced a debate Friday on a motion pushing for the prime minister to expand eligibility. The conversation was cut short, though, by Conservative MPs' interventions.
DEVELOPING Police have found a backpack carried by gunman who killed UnitedHealthcare CEO
New York City police say they have found a backpack carried by the gunman who killed UnitedHealthcare CEO Brian Thompson.
Quebec premier wants to ban praying in public
Premier François Legault took advantage of the last day of the parliamentary session on Friday to announce to 'Islamists' that he will 'fight' for Quebec values and possibly use the notwithstanding clause to ban prayer in public places such as parks.
Purolator, UPS pause shipments from couriers amid Canada Post strike
Purolator and UPS have paused shipments from some courier companies as they try to work through a deluge of deliveries brought on by the Canada Post strike.
Northern Ontario man sentenced for killing his dog
WARNING: This article contains graphic details of animal abuse which may be upsetting to some readers. A 40-year-old northern Ontario man is avoiding prison after pleading guilty to killing his dog earlier this year.
Sask. father who kept daughter from mom to prevent COVID-19 vaccine free from additional prison time
Michael Gordon Jackson, the Saskatchewan father who withheld his then seven-year-old daughter from her mom for nearly 100 days to prevent the girl from getting a COVID-19 vaccine, was handed a 12-month prison sentence and 200 days probation on Friday, but credited with time served.
Health Canada says daily cannabis use hasn't changed much since legalization
Health Canada says daily cannabis use has remained stable since it was legalized in 2018.
Ticketmaster hidden fees settlement credits expected in 2025 following class-action lawsuit by Regina lawyer
A longstanding lawsuit against Ticketmaster is nearing its end, with a judge expected to approve the more than $6 million dollar settlement before the end of the year.
Local Spotlight
'A well-loved piece': Historic carousel display from Hudson’s Bay Company store lands at Winnipeg shop
When a carousel setup from the Hudson’s Bay Company became available during an auction, a Winnipeg business owner had to have it.
Regina home recognized internationally for architectural design
Jane Arthur and her husband David began a unique construction project in 2014. Now, a decade later, their home in Regina's Cathedral neighbourhood has won a title in the Urban House and Villa category at the World Architecture Festival.
Calgary director Kiana Rawji turns her lens toward slums of Nairobi with 'Mama of Manyatta'
Two films shot in Kenya by a director and writer based in Brooklyn who grew up in Calgary are getting their Calgary premiere screening Saturday.
N.S. woman finds endangered leatherback sea turtle washed up on Cape Breton beach
Mary Janet MacDonald has gone for walks on Port Hood Beach, N.S., most of her life, but in all those years, she had never seen anything like the discovery she made on Saturday: a leatherback sea turtle.
'It moved me': Person returns stolen Prada bag to Halifax store; owner donates proceeds
A Halifax store owner says a person returned a Prada bag after allegedly stealing it.
'It's all about tradition': Bushwakker marking 30 years of blackberry mead
The ancient art of meadmaking has become a holiday tradition for Regina's Bushwakker Brewpub, marking 30 years of its signature blackberry mead on Saturday.
Alberta photographer braves frigid storms to capture the beauty of Canadian winters
Most people want to stay indoors when temperatures drop to -30, but that’s the picture-perfect condition, literally, for Angela Boehm.
N.S. teacher, students help families in need at Christmas for more than 25 years
For more than a quarter-century, Lisa Roach's middle school students have been playing the role of Santa Claus to strangers during the holidays.
Nova Scotia girl battling rare disease pampered with Swiftie spa day
A Nova Scotia girl battling a rare disease recently had her 'Wildest Dreams' fulfilled when she was pampered with a Swiftie salon day.