MTY Food Group reports Q1 profit and revenue down from year ago

MONTREAL — MTY Food Group Inc. reported its first-quarter profit fell compared with a year earlier as its revenue also declined.

MTY chief executive Eric Lefebvre says the results were hurt by reduced consumer spending and extreme weather, primarily in the first six weeks of 2024.

The restaurant franchisor and operator reported a profit of $17.3 million or 71 cents per diluted share for the quarter ended Feb. 29.

The result was down from a profit of $18.4 million or 75 cents per diluted share a year earlier.

Revenue for the quarter totalled $278.6 million, down from $286.0 million in the same quarter last year, while same-store sales fell three per cent year-over-year in the first quarter.

MTY Group franchises and operates restaurants under more than 90 different banners in Canada, the United States and internationally.

This report by The Canadian Press was first published April 12, 2024.

Companies in this story: (TSX:MTY)

The Canadian Press