MTY Food Group reports profit increase as malls reopen
BNN Bloomberg
MTY Food Group Inc. reported a third-quarter profit of $24.3 million, up from $22.9 million a year ago, as the restaurant franchising company recorded a rebound in customer traffic.
MONTREAL -- MTY Food Group Inc. reported a third-quarter profit of $24.3 million, up from $22.9 million a year ago, as the restaurant franchising company recorded a rebound in customer traffic.
The Montreal-based company says the profit amounted to 98 cents per diluted share for the quarter ended Aug. 31, down from 93 cents per diluted share a year earlier.
Revenue totalled $150.8 million, up from $135.4 million a year ago.
The company behind more than 80 restaurant brands including Thai Express, Tiki-Ming and Tutti Frutti says system sales in Canada were up 29 per cent while system-wide sales in all markets were up 13 per cent.
However, MTY says 359 restaurants were still temporarily closed at the beginning of the quarter and 164 at the end of the quarter.
The company says 139 of its restaurants currently remain temporarily closed as a result of the COVID-19 pandemic.
