The Montreal-based restaurant owner, whose collection of brands includes Thai Express, Manchu Wok, Mucho Burrito and Cold Stone Creamery, reported a profit of $17.3-million or 71 cents per diluted share for the quarter ended Feb. 29.“First-quarter results were adversely affected by extreme weather, primarily in January and the first two weeks of February,” MTY chief executive Eric Lefebvre told analysts on a Friday call.
“Ice cream and smoothies are not the most popular when it’s super cold or when there’s a snowstorm,” he said. The first quarter of the year has long been considered a “challenging period,” especially for store openings and closures, Lefebvre said. Some 58 per cent were in the U.S., with 35 per cent in Canada and seven per cent in other international markets.
Asked by an analyst whether any brands were on his radar for an acquisition, he said, “I wouldn’t expect anything of significance this year.”
Quarter Mty Weather Portion Share Profit Lefebvre Tim Hortons Harvey Jimmy John
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