Restaurant Brands International Inc. shares fell sharply Wednesday morning after the company reported flat first-quarter sales at its established Tim Hortons and Burger King stores.
RBI shares (TSX:QSR) fell 4.37 per cent or $3.47 to $75.88 in mid-morning trading on the Toronto Stock Exchange, rivalling a four-day decline in February that cut $3.43 from the stock’s value.
The shares are still up from about $63 at the end of last year.
The stock market decline followed RBI’s disclosure that 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.
“I can assure you we’re going to be working very hard … to improve the pace of sales growth in the coming quarters,” said CEO Daniel Schwartz, adding the company believes they have the right initiatives in place to drive long-term growth.
This article continues at [CTV News] Tim Hortons parent’s stock falls after store sales growth stalls in Q1