01:51 PM EDT, 05/08/2025 (MT Newswires) -- Restaurant Brands International's (QSR) first-quarter results rose year over year, but missed Wall Street's estimates as same-store sales declined at Popeyes, Burger King and Tim Hortons.

The company reported adjusted per-share earnings of $0.75 for the March quarter, up from $0.73 a year earlier, but below the FactSet-polled consensus of $0.80. Revenue increased to $2.11 billion from $1.74 billion, trailing analysts' view of $2.2 billion.

"We've been navigating a highly dynamic macro backdrop, one that's evolving differently across each of our key markets," Chief Executive Joshua Kobza said on an earnings call, according to a FactSet transcript. "We're certainly better positioned than many others to navigate this evolving environment, but we're not immune."

The company's shares were down 1% in Thursday afternoon trade.

Consolidated comparable sales were up 0.1%, trailing Wall Street's views for 1% gain. Same-store sales fell 4% at Popeyes, 1.3% at Burger King and 0.1% at Tim Hortons, while they rose 0.6% in Firehouse Subs. Consolidated system-wide sales grew 2.8% year on year, while the Street projected a 3.3% improvement.

"We anticipated that (first-quarter) would be our softest quarter of the year, and believe that some of the macro noise may have driven further softness," Kobza told analysts.

In a statement, Kobza said the company is "seeing encouraging momentum" in the ongoing quarter, and remains on track to achieve at least 8% organic adjusted operating income growth in 2025.

Restaurant Brands maintained its 2024-2028 targets, including 3% growth in comparable sales. It now anticipates to reach the targeted 5% net restaurant growth towards the end of the period amid a planned transition for Burger King China to a new partner.

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