Report
MTY Food Group Inc
8210 Transcanada Road
Phone: (514) 336-8885p:514 336-8885 SAINT-LAURENT, QC  H4S 1M5  Canada Ticker: MTYMTY

MTY profit going sour amid store closings


MTY Food Group Inc. reported a first-quarter profit of $13.4 million, down from $19.0 million a year ago, as it continued to deal with the impact of the pandemic.

The restaurant franchising company says the profit amounted to 54 cents per diluted share for the quarter ended Feb. 28, down from 76 cents per diluted share a year earlier.

Revenue totalled nearly $119 million, down from $150.8 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 down 48 per cent, while international system sales were off 32 per cent. However, MTY reported U.S. system sales for the first quarter were down just four per cent and that, excluding the impact of foreign exchange fluctuations, the U.S. saw a growth in sales for the second quarter in a row.

MTY says 321 locations were still temporarily closed at the end of the quarter because of the pandemic, including 195 in Canada, 122 in the U.S. and four international locations.

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