Restaurant company MTY Food Group reports Q2 profit down from year ago
MONTREAL — MTY Food Group Inc. reported its second-quarter profit fell 10 per cent compared with a year ago as its sales edged lower.
The restaurant franchisor and operator reported $27.3 million in net income attributable to owners or $1.13 per diluted share for the quarter ended May 31.
The result compared with a profit of $30.4 million or $1.24 per diluted share in the same quarter last year.
MTY says the year-over-year decline could mainly be attributed to impairment charges on property, plant and equipment and intangibles assets.
Revenue for the quarter totalled $303.7 million, down from $305.2 million a year earlier.
MTY Group franchises and operates restaurants under more than 90 different banners.
This report by The Canadian Press was first published July 11, 2024.
Companies in this story: (TSX:MTY)
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