Tim Hortons’ Parent Co. Reports Loss
CBJ – Restaurant Brands International posted a net loss in its first quarterly results after the merger between Burger King and Tim Hortons.
Burger King of the U.S. bought Tim Hortons for $12.6 billion last August, creating the world’s third-largest fast-food restaurant group.
The merger is an attempt to close the gap with front-running McDonald’s in the quick-serve breakfast market.
Restaurant Brands posted a net loss attributable to shareholders of $514.2 million, or $2.52 per share, for the fourth quarter ended Dec 31. The company reported total revenue of $416.3 million in the quarter.
CEO Daniel Schwartz says the company is not planning further corporate job cuts at its Tim Hortons unit after slashing 350 jobs in January.
Restaurant Brands has more than 18,000 restaurants in 100 countries