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Restaurant Brands (QSR) -3% as staff shortages hit Q3 sales
Restaurant Brands (QSR), owner of Burger King and Popeyes, traded 3% down on Monday after its Q3 revenue missed forecasts amid Covid-induced staff shortages.
Burger King parent Restaurant Brands (QSR) slipped 3% in New York on Monday following the release of a mixed Q3 report which showed that its recent staff shortages had weighed on sales.
While Restaurant Brands delivered an earnings beat with the $0.76 adjusted per share figure edging just ahead of the $0.74 consensus, revenue of $1.5bn was shy of the $1.52bn expectations.
Restaurant Brands, owner of popular brands including Burger King, Popeyes, and Tom Hortons, revealed in a statement its labour challenges had forced some of its US restaurants to operate for limited hours or reduce service modes.
CEO Jose Cil noted that 4 in 10 of its Popeyes locations are still struggling to source enough staff and are now operating via either takeout or delivery rather than dine-in as a result.
The issues have been caused in part by the Delta variant of COVID-19 and while headwinds will remain in the short-term, Cil is confident that the company will “accelerate in 2022” with further store expansions.
Burger King is currently trying to court high-margin customers rather than those wanting value meals following a 1.6% decline in US sales.
Burger King’s overall same-store sales did rebound to +7.9% after a 7% decline a year ago, but that wasn’t enough to top the +8.6% forecasts.
The same was true for Tim Hortons with the 8.9% growth for same-store sales coming in lower than the 10.3% estimates. Though, the performance for close to all of its product categories has now returned to pre-pandemic levels.
Popeyes, which actually saw its same-store sales soar 17.4% in Q3 2020, reported a 2.4% drop in sales as it missed expectations.
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