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9mo ago

MTY Food Group Reports Decline in Q3 Profit and Revenue

The restaurant franchisor cites impairment charges and construction delays as key factors affecting its financial results.

The Groupe MTY offices are seen in Montreal, Jan. 23, 2020. MTY Food Group Inc. said it will restart paying a dividend as it reported a profit of $23 million in its latest quarter compared with a loss of $99.1 million a year ago when then pandemic started. THE CANADIAN PRESS/Ryan Remiorz

Overview

  • MTY Food Group's net income for the third quarter was $34.9 million, down from $38.9 million a year ago.
  • Earnings per diluted share fell to $1.46 from $1.59 in the same period last year.
  • Revenue slightly decreased to $292.8 million compared to $298 million in the previous year.
  • Impairment charges on property and intangible assets were significant contributors to the decline.
  • CEO Eric Lefebvre noted that while restructuring efforts show promise, construction and permitting delays hindered new location openings.