10:02 AM EDT, 08/08/2024 (MT Newswires) -- Restaurant Brands International's (QSR) second-quarter revenue rose year over year but missed Wall Street's estimates as consolidated same-store sales growth fell sharply on an annual basis.

Revenue advanced to $2.08 billion for the three months ended June 30 from $1.78 billion a year ago but was below the average analyst estimate of $2.11 billion on Capital IQ. Adjusted earnings per share increased to $0.86 from $0.85 last year, matching the Street's view.

"Our priorities and balance of thoughtful investments with cost discipline allow us to navigate short-term consumer pressures and drive sustainable results for our business and our franchisees," Chief Executive Josh Kobza said in a statement.

The company in May completed the acquisition of Carrols Restaurant Group, the largest Burger King franchisee in the US. Restaurant Brands said Thursday its quarterly revenue growth was driven by the acquisition of 125 Burger King restaurants from non-Carrols franchisees in 2023 and the first quarter of 2024, as well as gains in system wide sales.

Consolidated comparable sales rose 1.9% in the second quarter, down from a 9.6% increase in the same period last year. By brand, comparable sales increased 4.6% at Tim Hortons, while Burger King saw a 0.1% decline. Analysts surveyed by Capital IQ were expecting same-store sales growth of 1.5% at the burger chain.

Comparable sales at Firehouse Subs fell 0.1%, while Popeyes Louisiana Kitchen grew 0.5%.

By geography, US comparable sales growth at Burger King and Popeyes was lower year over year, while the metric turned negative for Firehouse.

Restaurant Brands maintained its 2024-2028 targets, including 3% growth in comparable sales.

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