Burger King parent’s revenue falls 25% as coronavirus weighs on sales

Restaurant Brands International on Thursday reported that its quarterly revenue plunged 25% as the coronavirus pandemic weighed on same-store sales at Burger King and Tim Hortons.

But Popeyes, powered by its popular chicken sandwich, reported same-store sales growth of 24.8%.

Shares of the company rose 2% in premarket trading.

Here’s what the company reported for the quarter ended June 30 compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

• Earnings per share: 33 cents, adjusted, vs. 31 cents expected
• Revenue: $1.05 billion vs. $1.05 billion expected

The Burger King parent reported second-quarter net income of $163 million, or 35 cents per share, down from $257 million, or 55 cents per share, a year earlier.

Excluding items, Restaurant Brands earned 33 cents per share, beating the 31 cents per share expected by analysts surveyed by Refinitiv.

Net sales dropped 25% to $1.05 billion, meeting expectations.

Read the full report here.