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Oct 14, 2020

Tim Hortons' sales woes expected to weigh on RBI's Q3 results

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Tim Hortons’ sales woes will continue to weigh on parent Restaurant Brands International Inc.’s bottom line in the third quarter, according to the company’s preliminary financial results released Wednesday.

While it expects to report adjusted earnings above analyst estimates, RBI underscored the continued pressure at its two largest fast-food chains.

RBI expects Tim Hortons’ comparable sales to fall by 12.5 per cent globally in its third quarter, while it sees Burger King’s same-store slipping by seven per cent.

On a positive note, RBI expects to see continued strength from its Popeyes Louisiana Kitchen brand with a 17.4 per cent jump in third-quarter comparable sales.

Restaurant Brands has experienced difficulties amid COVID-19-related lockdowns since the beginning of the pandemic.

In its second quarter, RBI Chief Executive Officer Jose Cil noted the significant disruption that absent commuters were having on its business.

“The pandemic has had an especially pronounced impact on routine-based visits, including on the morning commute and afternoon snack occasions, which each represent a significant part of our business,” Cil said on conference call with analysts in August.

RBI is expected to report third-quarter earnings results on October 28.

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