(Montreal) MTY Food Group on Wednesday posted a first quarter profit of 18.4 million, up 10.8% from 16.6 million in the same period last year, its acquisitions more than doubling its income.
The fast-food franchisor said its earnings per share reached 75 cents for the quarter ended Feb. 28, compared with 68 cents for the previous first quarter.
MTY’s revenue totaled 286.0 million for the quarter, up 103.6% from 140.5 million in the same quarter last year, while total system sales soared to 1. 36 billion, compared to 885.7 million a year earlier.
According to MTY, the increase in revenue was mainly due to its recent acquisitions in the United States.
“Our acquisitions of Wetzel’s Pretzels and Sauce Pizza and Wine during the quarter, along with the prior transaction of BBQ Holdings, were key contributors to the 69% growth in network revenue in the U.S. market over the same period. period last year,” MTY President and CEO Eric Lefebvre said in a statement.
“On the Canadian side, we saw 32% growth in network revenue as activity rebounded after the lifting of pandemic-related restrictions in the first quarter of last year. »
During a conference call with analysts, Lefebvre said the company expects further growth this spring.
“We need patio season to start for some of our concepts to progress,” he said. It’s a slow start to spring so far. »
The recent power outage in Quebec affected several of the company’s restaurants, Lefebvre noted.
Some restaurants without power were closed for several days, and others that had power were besieged over the weekend and ran out of food, he said.
“In terms of power outages in Quebec, many of our restaurants have been affected, some very positively and some very negatively,” he said.
MTY is a franchisor that operates restaurants under more than 85 brands in Canada, the United States and around the world. Its chains include the brands Valentine, Café Van Houtte, Thaï Express and Sushi Shop.
At the end of the first quarter, MTY’s network had 7,128 locations in operation, including 6,895 operated under a franchise or management contract and 233 operated by the company.
