Tim Hortons leads the way for RBI

Restaurant Brands International (RBI) topped analyst expectations for the second quarter, spurred by better-than-expected sales at Tim Hortons and the company’s growing international presence.

RBI reported Q2 net income of $399 million, up from $351 million a year earlier.

Tim Hortons was a key performer for RBI, with same-store sales growth of 4.6%, topping tepid Popeyes growth of 0.5% and declines at Burger King and Firehouse Subs.

“We certainly were planning for better absolute top-line results,” CEO Josh Kobza pointed out on the company’s conference call Thursday. “However, relative to the overall performance of our industry, we’ve continued to outperform key competitors in some of our largest markets.”

Canadian Tire’s quarterly results marred by skittish consumers

Belt tightening dragged Canadian Tire Corp’s performance, with revenue of $4.13 billion, down from $4.26 billion in the same quarter last year, even as the retailer posted profits of $198.8 million, up from $99.4 million a year earlier.

Consolidated comparable sales for CTC were down 4.6%, while Canadian Tire Retail (CTR) saw a 5.6% decline in sales, compared to growth of 0.1% in Q2 2023. The automotive category grew for the retailer, offset by declines in other divisions.

Sport Chek comparable sales were down 0.9%, with stronger sales of footwear, while cycling and casual clothing experienced the most marked decline. Mark’s comparable sales were down 0.8%

“In a quarter that traditionally skews heavily to discretionary purchases, consumers remained cautious and weather conditions compounded declines,” noted Greg Hicks, president and CEO, Canadian Tire Corporation. “Yet, Canadians continued to turn to our banners for new products, seasonal favourites, and innovative Triangle Rewards campaigns – with categories and regions of our business providing us positive signals.”

Loyalty sales, CTC notes, outperformed non-loyalty sales, with “record penetration rates at each banner.”

Maple Leaf Foods reports smaller Q2 loss

Maple Leaf Foods reported a loss of $26.2 million in its latest quarter, compared to a loss of $53.7 million a year earlier.

President and CEO Curtis Frank attributed sales improvements to prepared meats, better pork market conditions, growth in the company’s sustainable meats portfolio, and an improved overall sales mix.

Last month, Maple Leaf announced plans to spin off its pork business into a new publicly traded company, a deal which is set to close next year.