
S&P 500 futures are changed as Wall Street tries to regain footing
June 30, 2022: -Stock futures were mixed on Wednesday morning after the major averages failed at a bounce …
October 26, 2021: On Monday, Restaurant Brands International reported quarterly earnings that topped Wall Street’s expectations, but its revenue decreased short as labor challenges weighed on sales. Shares of the company increased below 1% in premarket trading. The Burger King parent-reported fiscal third-quarter net income attributable to common shareholders of $221 million, or 70 cents per share, starting from $145 million, or 47 cents for each share, a year earlier.
Excluding items, Restaurant Brands earned 76 cents for each share, beating the 74 cents for each share expected by analysts surveyed by Refinitiv.
Net sales rose 11.8% to $1.5 billion, which falls short of expectations of $1.52 billion. Restaurant Brands said Covid-19 contributed to labor challenges that led restaurants in a few regions to shorten their hours or reduce service modes. Staffing shortages have been an industry-wide problem, leading some restaurant companies to temporarily close their dining rooms or turn digital ordering for specific locations.
Tim Hortons reported same-store sales growth of 8.9%, below StreetAccount estimates of 10.3%. Before Pandemic, the chain struggled to attract customers, pushing the company to invest more in its coffee and restaurant equipment. The slower recovery of Canada from Covid-19 has weighed on Tims’ same-store sales growth this year.
Burger King’s same-store sales increased 7.9% after decreasing 7% a year ago. The burger chain missed StreetAccount’s estimates of 8.6%. U.S. same-store sales shrank by 1.6%. Sales in the home market of the company have been trailing those of other burger chains, which include rival McDonald’s, expected to report its results in this week.
Popeyes Louisiana Kitchen saw its same-store sales decrease by 2.4% in the quarter, and StreetAccount’s estimates predicted the metric would rise by that amount. The fried chicken chain faced tough comparisons to its performance a year ago when same-store sales climbed 17.4%.
We provide the insights on leaders who are responsible for taking their organization to new heights, all the while bringing together a group of talented individuals.
June 30, 2022: -Stock futures were mixed on Wednesday morning after the major averages failed at a bounce …
June 30, 2022: -The Philippines’ incoming finance minister wants to get his county back on a growth path and tackle …
June 29, 2022: -One analyst alerted that the Group of 7 countries needs to brace for a total shutdown of Russian gas pipelines …
June 29, 2022: -On Tuesday, China cut the quarantine period for international travelers, a big step toward reducing Covid …
June 28, 2022: -On Sunday, some Taiwanese holders of Russian Eurobonds have not received interest which is meant to be …
June 28, 2022: -On Sunday, Russia joined its starting major foreign debt default for over a century after a grace time on …