OAKVILLE, Ontario (AP) — Burger King's parent company said Thursday the fast-food chain's sales rose during the first quarter, boosted by the addition of hot dogs to the menu in the U.S.
Restaurant Brands International said global sales rose 4.6 percent for established Burger King locations, including a 4.4 percent increase in the U.S. and Canada. CEO Daniel Schwartz declined to specify how much of the increase was driven by an uptick in customer visits, versus higher spending per visit.
Sales at established locations are a key indicator of health because they strip out the volatility of store openings and closings. Competition in the fast-food industry in the U.S. has been intensifying, with McDonald's, Taco Bell and others trying to entice customers with value deals and new menu items.
Restaurant Brands, based in Oakville, Ontario, also said global sales rose 5.6 percent at established Tim Hortons locations.
For the quarter ended March 31, Restaurant Brands earned $50 million, or 21 cents per share. It said earnings excluding one-time items were 30 cents per share. Analysts expected 21 cents per share, according to Zacks Investment Research.
Total revenue slipped to $918.5 million in the period, which the company said was hit by unfavorable currency exchange rates. Analysts expected $926.4 million, according to FactSet.
Shares of Restaurant Brands fell 2.2 percent to $41.46 in premarket trading.
Restaurant Brands shares have risen 14 percent since the beginning of the year. The stock has increased 4.5 percent in the last 12 months.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on QSR at http://www.zacks.com/ap/QSR
Keywords: Restaurant Brands, Earnings Report
This version corrects the net income for the quarter.