(Reuters) -Restaurant Brands International beat Wall Street expectations for second-quarter revenue on Thursday, as its Tim Hortons and Burger King outlets enjoyed steady demand despite a wider slowdown in the U.S. fast-food sector.
Fast-food chains have been rushing to offer discounts and deals to boost traffic at a time when sticky inflation and high borrowing costs are prompting consumers to dine out less.
Burger King has also benefited from its $5 value meal revival, just ahead of a similar launch from rival McDonald’s (NYSE:), along with investment in its stores, equipment and advertising as part of a turnaround plan.
Average foot traffic per location at Burger King was up 4.3% in the quarter, compared with a 1% rise a year ago, according to data from Placer.ai.
The company reported second-quarter revenue of $2.08 billion, compared with analysts’ average estimate of $2.02 billion, according to LSEG data.
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