Restaurant Brands (QSR) second-quarter 2020 top line was negatively impacted by poor performance by Tim Hortons and Burger King businesses.
Sales at Burger King and Tim Hortons have been hammered in recent months due to coronavirus-led restrictions on indoor dining and a drop in demand for on-the-go breakfast and coffee, with the company reporting an over 25% fall in overall second-quarter revenue. Canada-focused Tim Hortons has been especially hard hit due to the country's slower pace of reopening, said Chief Executive Officer Jose Cil. Restaurant Brands expects to end 2020 with roughly the same number of outlets as last year - a little over 27,000 - as the company continues to open new restaurants as part of its annual plan.
Restaurant Brands (QSR) delivered earnings and revenue surprises of 13.79% and 2.80%, respectively, for the quarter ended June 2020. Do the numbers hold clues to what lies ahead for the stock?