MTY Group reports Q4 profit more than doubled compared with year earlier
By The Canadian Press on February 15, 2024.
MONTREAL – MTY Food Group Inc. reported its fourth-quarter profit more than doubled compared with a year ago. The restaurant franchisor and operator says it earned $16.4 million or 67 cents per diluted share for the quarter ended Nov. 30, up from $7.1 million or 39 cents per diluted share a year earlier. Revenue totalled $280.0 million, up from $242.0 million a year earlier. However, MTY says same-store sales fell 0.9 per cent as consumers cut discretionary spending. It says the comparable store decline came mainly from its pricier brands, while its quick service restaurant business remained solid in Canada and the U-S. MTY franchises and operates quick-service, fast casual and casual dining restaurants under more than 90 different banners. This report by The Canadian Press was first published Feb. 15, 2024. Companies in this story: (TSX:MTY) 9-8
