[1/2] The Burger King company logo stands on a sign outside a restaurant in Bretigny-sur-Orge, near Paris, France, July 30, 2020.
REUTERS/Benoit Tessier Acquire Licensing RightsNov 3 (Reuters) - Restaurant Brands International (QSR.TO) missed market estimates for quarterly sales on Friday as lingering inflation pinched spending at its Burger King chain, eclipsing higher demand for Tim Hortons coffees and Popeyes chicken wings.
Shares of the Canada-based company fell 4%, as executives said Burger King would increase advertising and store investments under an ongoing turnaround plan, setting it up for higher costs in the current quarter.
Burger King has "made a lot of progress ... but there's still a very long way from where we are to where we want to be.
Total revenue at Restaurant Brands rose to $1.84 billion, but missed estimates of $1.87 billion.
Persons:
Benoit Tessier, Tim Hortons, Burger, Sante Faustini III, Burger King, Josh Kobza, Footfall, there's, Kobza, Deborah Sophia, Devika
Organizations:
Burger King, REUTERS, Brands, Reuters, Restaurant Brands, Thomson
Locations:
Bretigny, Paris, France, Canada, U.S, Burger, Bengaluru