Restaurant Brands International today missed analysts' estimates for first-quarter profit, hit by slowing growth at its Burger King, Tim Hortons and Popeyes Louisiana Kitchen chains.
Comparable sales at Tim Hortons fell 0.6%, while same-store sales at Burger King grew 2.2% in the reported quarter, less than 3.8% growth a year earlier.
Ontario-based Restaurant Brands has been working on various promotional activities and loyalty programmes to deal with mounting competition from rivals like McDonald's, Yum Brands and Dunkin' Brands Group.
On an adjusted basis, Restaurant Brands earned 55 cents per share, while analysts on average had estimated 58 cents, according to IBES data from Refinitiv.
The company said its adjusted net income fell to $255m, or 55 cents per share, in the first quarter ended March 31, from $314m, or 66 cents per share, a year earlier.
Total revenue rose to $1.27 billion from $1.25 billion.
