* Tim Hortons, Burger King comp sales dip 0.1 pct
* Burger King U.S. comp sales fall 2.2 pct
* Shares slide as much as 7.6 pct to $54.02
(Adds details, shares)
April 26 Restaurant Brands International Inc
, reported an unexpected drop in quarterly
comparable-store sales at both coffee and doughnut chain Tim
Hortons and fast-food chain Burger King, sending the company's
shares down nearly 8 percent.
Comparable sales for restaurants open for at least 13 months
slipped 0.1 percent at both Tim Hortons and Burger King,
Restaurant Brands said on Wednesday.
Analysts were expecting a 0.8 percent rise at Tim Hortons
and a 1.5 percent increase in Burger King comparable sales,
according to research firm Consensus Metrix.
The fall at Burger King was primarily due to a 2.2 percent
drop in U.S. comparable sales, while Tim Hortons' was impacted
by a decline in Canada comparable sales.
Burger King's U.S. comparable-store sales decline was
slightly worse than our expectation and likely implies the chain
underperformed the industry by 300 basis points, RBC Capital
Markets analysts said in a client note.
However, the drop in comparable sales was offset by net
restaurant growth of 5.1 percent at Burger King and 4.6 percent
at Tim Hortons.
Restaurant Brands bought Popeyes Louisiana Kitchen for $1.8
billion in February to use its international reach to introduce
Popeyes' Louisiana-style fried chicken and buttermilk biscuits
to more diners globally.
Popeyes revenues and segment income from the acquisition
date of March 27 through March 31 were not material to
Restaurant Brands' results, the company said.
Net profit attributable to shareholders was $50.2 million in
the first quarter ended March 31, largely unchanged from $50
million a year earlier.
Earnings per share was unchanged at 21 cents.
Excluding items, the company earned 36 cents per share,
beating analysts' average estimate of 35 cents, according to
Thomson Reuters I/B/E/S.
Oakville, Ontario-based Restaurant Brands' total revenue
rose 8.9 percent to $1 billion, beating analysts' average
estimate of $990.3 million.
(Reporting by Ahmed Farhatha in Bengaluru; Editing by Sriraj
Kalluvila and Martina D'Couto)