Burger King parent restaurant Brands misses revenue estimates

[BENGALURU] Restaurant Brands International Inc missed estimates for quarterly revenue on Monday as the Delta variant slowed a return to offices and a staffing crunch hit sales at its Tim Hortons and Burger King restaurants.

Total revenue rose to US$1.50 billion in the quarter ended Sep 30, compared with US$1.34 billion a year earlier. IBES data from Refinitiv had estimated revenue of US$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 labour-intensive product.

Net income attributable to common shareholders rose to US$221 million, or 70 cents per share in the quarter ended Sep 30, from US$145 million, or 47 cents per share, a year earlier.

REUTERS