MTY Food Group reports Q1 profit up, acquisitions help revenue more than double
By The Canadian Press on April 12, 2023.
MONTREAL – MTY Food Group Inc. reported a first-quarter profit of $18.4 million, up from $16.6 million a year earlier, as acquisitions helped its revenue to more than double. The restaurant franchisor says its profit amounted to 75 cents per diluted share for the quarter ended Feb. 28, up from 68 cents per diluted share a year earlier. Revenue at MTY totalled $286.0 million for the quarter, up from $140.5 million in the same quarter last year, while system sales totalled a record $1.36 billion, up from $885.7 million. MTY says the increase in revenue was mainly due to its BBQ Holdings, Wetzel’s Pretzels, and Sauce Pizza and Wine acquisitions. MTY franchises and operates restaurants under more than 85 different banners in Canada, the United States and internationally. At the end of its first quarter, MTY’s network had 7,128 locations in operation, including 6,895 that were franchised or under operator agreements and 233 corporate locations. This report by The Canadian Press was first published April 12, 2023. Companies in this story: (TSX:MTY) 9-8
