MTY Food Group Inc. MTY-T reported a first-quarter profit attributable to owners of $36.9-million, boosted by a foreign exchange gain related to the revaluation of U.S.-dollar denominated intercompany debt.
The restaurant franchisor and operator behind more than 80 banners including Thai Express, Manchu Wok and Mr. Sub, says the profit amounted to $1.62 per diluted share for the quarter ended March 1.
The result compared with a profit of $1.7-million or 7 cents per share a year earlier.
On an adjusted basis, MTY says it earned 98 cents per diluted share in its latest quarter, up from an adjusted profit of 87 cents per diluted share in the same quarter last year.
Revenue for the quarter totalled $267.8-million, down from $284.8-million a year earlier, while system sales totalled $1.29-billion, down from $1.36-billion.
Same-store sales fell 2.5 per cent year-over-year in the quarter as they fell 0.8 per cent in Canada. U.S. same-store sales dropped 3.6 per cent, while international same-store sales declined 1.3 per cent.