Restaurant Brands International Inc., beat estimates for quarterly results on Tuesday, boosted by higher prices and strong demand at its Burger King and Tim Hortons chains.
Same-store sales at Burger King and Tim Hortons jumped with more people ordering their sandwiches and coffees as they resumed their pre-pandemic routine.
While restaurant sales are on a recovery path, costs of everything from shipping to labor to commodities have been spiraling due to the COVID-19 pandemic and Ukraine crisis, which have forced restaurants including McDonald’s Corp. and Starbucks Corp. to raise prices to shield their profits.
Restaurant Brands, which usually caters to lower-income consumers, is also set to hike prices again this year after it stripped Burger King’s popular Whopper sandwich from discount menus earlier this year.
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