Recipe Unlimited Corp. raises dividend by 5%, reports profit down - InfoNews

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Recipe Unlimited Corp. raises dividend by 5%, reports profit down

A photograph of The Keg Steakhouse and Bar is shown at Sherway Gardens mall in Toronto on Tuesday, January 23, 2018. Recipe Unlimited Corp. raised its dividend five per cent as its profit fell more than 60 per cent in its most recent quarter. THE CANADIAN PRESS/Nathan Denette
March 07, 2019 - 8:20 AM

VAUGHAN, Ont. - Recipe Unlimited Corp. raised its dividend five per cent as its profit fell in its most recent quarter, hurt by restructuring and other costs.

The company formerly known as Cara Operations says its profit for the 13 weeks ending Dec. 30, 2018, totalled$9 million or 14 cents per diluted share, down from $27.3 or 45 cents per diluted share from the same quarter last year, which had 14 weeks.

On an adjusted basis, the company says it earned $34.9 million or 54 cents per diluted share, down from $36.3 million or 59 cents per diluted share.

Analysts had expected adjusted earnings of 48 cents per share, according to Thomson Reuters Eikon.

The company, which owns multiple restaurant and fast-food chains, saw system sales grow in the quarter 16.8 per cent to $905.4 million from $774.9 million. However, same-restaurant sales, a key retail metric, fell 0.2 per cent in the fourth quarter.

The company says it will now pay a quarterly dividend of about 11.21 cents per common share, up from 10.68 cents.

Recipe owns 19 brands, including Swiss Chalet, Harvey's, the Keg and New York Fries.

Companies in this story: (TSX:RECP)

News from © The Canadian Press, 2019
The Canadian Press

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