May 3Reuters Restaurant Brands International Inc, beat estimates for quarterly revenue on Tuesday, boosted by higher prices and increased traffic at the Burger King parent39;s restaurant chains as more consumers stepped out of their homes and resumed prepandemic habits.

Like rivals McDonald39;s Corp and Starbucks Corp, Restaurant Brands which usually caters to lowerincome 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 company39;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