May 3(Reuters) - Restaurant Brands International Inc, beat estimates for quarterly revenue on Tuesday, boosted by higher prices and increased traffic at the Burger King parent's restaurant chains as more consumers stepped out of their homes and resumed pre-pandemic habits.
Like rivals McDonald's Corp and Starbucks Corp, Restaurant Brands - which usually caters to lower-income consumers - has raised prices of products on its menus to offset higher costs of labor and raw materials.
The price hikes have helped the company cushion a hit from a decline in comparable sales at its Popeyes chain, which is grappling with staffing shortages and stiff competition from rivals launching similar menu items.
The company's total revenue rose to $1.45 billion in the first quarter ended March 31, from $1.26 billion a year earlier. Analysts on average were expecting revenue of $1.39 billion, according to Refinitiv IBES data.
Net income attributable to common shareholders rose to $183 million, or 59 cents per share, from $179 million, or 58 cents per share, a year earlier.
Reporting by Deborah Sophia in Bengaluru; Editing by Krishna Chandra Eluri
Source: Reuters