Restaurant Brands International Revenue Plummets 25% During Second Quarter | Financial Buzz

Restaurant Brands International Revenue Plummets 25% During Second Quarter

Restaurant Brands International (NYSE: QSR) announced Thursday that its revenue had fallen 25% throughout the second quarter amid the coronavirus pandemic and its impact on Burger King’s and Tim Hortons same-store sales. However, Popeyes, the third chain in the company’s portfolio, revealed same-store sales had skyrocketed 24.8% following the sale of its famous chicken sandwich. 

Shares did not vary in premarket trading however the stock has plummeted 9% throughout the year. 

“The COVID-19 pandemic has introduced a host of unprecedented challenges, but our proactive and coordinated response across the globe has helped drive a significant recovery in performance since March. I am so proud of our restaurant owners, our restaurant team members, and our entire team at RBI for their incredible work and dedication in confronting this crisis. By the end of the quarter, we were back to 90% of our prior year system-wide sales with 93% of our restaurants open worldwide, which speaks to the strength and resilience of our three amazing brands and business model.” said Jose Cil, Chief Executive Officer of Restaurant Brands International Inc. 

In the second quarter ending June 30, the company reported earnings of USD.33 a share in comparison to the USD.31 anticipated by Wall Street. Furthermore, revenue amounted to the anticipated USD1.05 Billion. Lastly digital sales doubled from the prior year as it rose 120%. 

The company has reopened 93% of its restaurants worldwide. Additionally, Restaurant Brands announced it has managed to completely pay off the USD1 Billion revolving credit facility it took out in March.