Skip to content

Restaurant owner MTY Food sees profit, revenue slide in Q3

a512a1704ce85418f4bdff502829f27d9f0f274f300ebb8b76d8b3cc79059629
MTY Food Group Inc. signage is shown in Montreal on Jan. 23, 2020. The company reported its second-quarter profit fell 10 per cent compared with a year ago as its sales edged lower.THE CANADIAN PRESS/Ryan Remiorz

MTY Food Group Inc. says its profit and revenue both slid in its most recent quarter.

The restaurant franchisor and operator says its net income attributable to owners totalled $34.9 million in its third quarter, compared with $38.9 million a year earlier.

The results for the period ended Aug. 31 amounted to $1.46 per diluted share, down from $1.59 per diluted share a year prior.

The company behind 90 brands including Manchu Wok and Mr. Sub attributed the fall to impairment charges on property, plants and equipment along with intangibles assets.

Its revenue decreased slightly to $292.8 million in the quarter from $298 million a year ago.

While CEO Eric Lefebvre saw the quarter as a sign that the company's ongoing restructuring is starting to bear fruits, he said the business was also hampered by significant delays in construction and permitting that resulted in fewer locations opening.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:MTY)

Tara Deschamps, The Canadian Press

push icon
Be the first to read breaking stories. Enable push notifications on your device. Disable anytime.
No thanks