MTY Food Group reports Q2 profit up from year ago, acquisitions help boost revenue

MONTREAL – MTY Food Group Inc. reported its second-quarter profit rose compared with a year ago as acquisitions helped boost revenue.

The restaurant franchisor and operator says its net income attributable to owners totalled $30.4 million or $1.24 per diluted share for the quarter ended May 31, up from $28.6 million or $1.17 per diluted share a year earlier.

Revenue for the quarter was $305.2 million, up from $162.5 million in the same quarter last year.

MTY says the main contributors to revenue growth were its acquisitions of BBQ Holdings, Wetzel’s Pretzels, and Sauce Pizza and Wine.

Overall, same-store sales in the quarter were up five per cent year-over-year.

Same-store sales in Canada rose six per cent, while the U.S. saw a four per cent gain and its international operations added two per cent.

This report by The Canadian Press was first published July 11, 2023.

Companies in this story: (TSX:MTY)