Burger King owner's profit tops Street on lower costs, new menu items
By Anet Josline Pinto and Sneha Banerjee
(Reuters) - Restaurant Brands International Inc QSR.TO QSR.N, owner of Burger King and Tim Hortons, reported a better-than-expected quarterly profit, helped by new menu items and lower costs.
The company's shares were trading up 6.6 percent at C$53.48 in midday trading on the Toronto Stock Exchange on Tuesday.
Most of Restaurant Brands outlets are in the United States and Canada. But the company has been opening new restaurants in France, Brazil, Russia and India, following its peers such as Starbucks Corp (SBUX.O: Quote), Krispy Kreme Doughnuts KKD.N, McDonald's Corp (MCD.N: Quote) and Yum Brands (YUM.N: Quote).
Oakville, Ontario-based Restaurant Brands said China, where it has a relatively smaller presence than its peers, is one of its fastest growing markets.
Burger King opened in India last year and the company may launch its coffee and doughnut chain Tim Hortons in the country, Chief Financial Officer Joshua Kobza told Reuters.
Starbucks, Krispy Kreme and Dunkin' Donuts have been expanding in the fast-growing India market, while Cafe Coffee Day, the country's biggest coffee chain, is going public.
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