MTY Group: satisfactory results for the third quarter

MTY Group: Satisfactory Third Quarter Results

UPDATE DAY

MTY Food Group reported higher revenue but slightly lower net profit for the quarter ended August 31 compared to the same period last year, results considered “excellent” by its president and chief executive officer. 

Net income attributable to owners reached $22.4 million or 92 cents per share on a diluted basis for the third quarter, compared to $24.3 million or 98 cents per share on a diluted basis for the same period in 2021.

The company's revenues, however, increased by 14% compared to the year to $171.5 million in the third quarter of 2022.

Network revenue grew 9% between the two periods to $1.1 billion this quarter, a jump due to the recovery from the COVID-19 pandemic.

“We are very pleased with the post-pandemic recovery of our brands at full service, which are now operating at full capacity, as well as the progress of the establishments that have been most affected by the pandemic, ”said Éric Lefebvre, president and CEO of MTY, in a press release on Friday.

At the end of the third quarter, MTY had 6,606 establishments in operation, including 6,516 operated by franchisees and 90 by the company.

Recall that the group had also acquired the company BBQ Holdings in August latter, which operates hundreds of dining establishments in the United States, Canada and the United Arab Emirates.