MTY Food Group reports $20.1M Q4 profit, revenue falls to $127.2M
The Groupe MTY offices are seen in Montreal on January 23, 2020. THE CANADIAN PRESS/Ryan Remiorz
MONTREAL -- MTY Food Group Inc. reported its fourth-quarter profit edged lower compared with a year ago as COVID-19 restrictions weighed on its revenue.
The restaurant franchising company says it earned a net profit attributable to shareholders of $20.1 million or 81 cents per diluted share for the quarter ended Nov. 30, down from $20.7 million or 83 cents per diluted share a year earlier.
Revenue fell to $127.2 million from $156.8 million.
MTY says system sales for the quarter in Canada were down 30 per cent as it was hit by a wave of restrictions related to the pandemic in Quebec and Ontario.
System sales in the U.S. for the fourth quarter rose four per cent, while international system sales fell 40 per cent.
The company behind more than 80 brands including Thai Express, Tiki-Ming, Tutti Frutti and Valentine said 338 locations were temporarily closed at the end of the quarter because of the pandemic, while 408 were closed as of Wednesday.
-- this report by The Canadian Press was first Feb. 18, 2021.