(Montreal) MTY Food Group announces that its third quarter profits and revenues increased from a year ago, as the company declares its quarterly dividend.
Posted at 10:43 a.m.
The Montreal-based franchisor and restaurant operator says its net income attributable to owners totaled $22.4 million, or $0.92 per share, for the quarter ended Aug. 31.
The result compares with a profit of 24.3 million, or $0.98 per share, for the same period last year.
Total revenue for the quarter was $171.5 million, up from $150.8 million a year earlier, as franchise revenue in Canada increased 15%.
Revenue from the company’s US and international segment decreased 1%.
MTY says its franchisees continue to face significant supply chain challenges as well as labor shortages, which affect their ability to operate optimally.
“We are pleased with the ability of concepts that have worked well during the pandemic to capitalize on the momentum created during the pandemic to continue their growth. The efforts made by our teams and our franchisees are producing the results we had anticipated,” said Éric Lefebvre, President and CEO of MTY.
MTY operates more than 80 restaurant banners in Canada, such as Thaï Express, Scores and Allô mon Coco.