The owner of Tim Hortons and Burger King (Restaurant Brands International Inc. (NYSE:QSR) is reporting flat sales at its established locations in the first quarter but a 9% increase in revenue, which was above analyst estimates.

BNN.ca

QSR says:

• comparable sales at locations open at least a year were down one-tenth of a per cent at both chains, after adjusting for currency fluctuations.
• net income, reported in U.S. dollars, was also flat compared with a year ago, at US$50.2 million or 21 cents per share...
• overall revenue increased by $82.1 million to about US$1 billion – about three-quarters of it from Tim Hortons – and
• adjusted earnings rose 20% to $170.6 million, or 36 cents per share. The adjusted earnings were two cents above estimates, while
• revenue was about $10 million above the estimate of US$990.27 million.

The quarterly financial report follows RBI's acquisition of Popeyes Louisiana Kitchen, Inc. at the end of March, too late in the quarter to have any meaningful impact.