Company News

Restaurant Brands' Popeyes sales surge; Tim Hortons misses estimates

May 1 (Reuters) - Restaurant Brands International Inc said on Friday comparable sales at its Popeyes fast-food chain surged 26.2%, surpassing Wall Street expectations, powered by demand for its popular chicken sandwiches.

Still, the company’s quarterly total revenue fell 3% to $1.23 billion for the first quarter ended March 31, as stay-at-home orders due to the COVID-19 pandemic dented sales of breakfast and coffee at Tim Hortons chains, where comparable sales fell 10.3%.

Analysts were expecting comparable sales rise of 17.47% for Popeyes and a fall of 9.24% for Tim Hortons, according to IBES data from Refinitiv. (Reporting by Nivedita Balu in Bengaluru; Editing by Ramakrishnan M.)