MTY Power Group announces that its first quarter profit fell compared to the previous year, as its revenues also fell.
MTY CEO Éric Lefebvre says results were affected by reduced consumer spending and extreme weather, mainly in the first six weeks of 2024.
The franchiser and restaurant operator reported earnings of $17.3 million, or 71 cents per share, for the quarter that ended Feb. 29.
That result was down from earnings of $18.4 million, or 75 cents per share, a year earlier.
Revenue for the quarter totaled $278.6 million, down from $286.0 million in the same quarter last year, while same-store sales fell 3% year-over-year. on the other in the first trimester.
MTY Group franchises and operates restaurants under more than 90 different banners in Canada, the United States and internationally.