08:11 AM EDT, 07/11/2025 (MT Newswires) -- MTY Food Group ( MTYFF ) on Friday said second-quarter net income more than doubled, helped by foreign exchange gains.

The company also declared a quarterly dividend of $0.33 per share, unchanged from the prior quarter, payable on Aug. 15 to shareholders of record on Aug. 5.

For the three-months ended May 31, net income surged to $57.3 million or $2.49 per diluted share, from $27.3 million or $1.13 per diluted share, a year-ago. The foreign exchange gain of $35 million was taken primarily on intercompany loans which was offset by a loss on translation on the unaudited condensed interim consolidated statement of comprehensive income.

Revenue increased to $304.9 million in Q2 compared with $303.7 million, a year earlier. System sales reached $1.46 billion in the quarter, representing a year-over-year increase of 0.3%.

"In the U.S., what began as volatility in Q1 evolved into broader macroeconomic pressure in Q2, which impacted both traffic and average check across much of our network," said MTY Food ( MTYFF ) Chief Executive Eric Lefebvre. "In contrast, Canada continued to shine, with strong momentum driving solid results, particularly in the casual dining segment."

MTY expects to continue to drive strong free cash flows in 2025, supported by lower capital expenditure than the prior year.

Shares of the company closed up 0.8% to $45.70 on Thursday on the Toronto Stock Exchange.