The company’s U.S.-listed shares, which had risen about 26 per cent this year up to Friday’s close, fell as much as three per cent despite a better-than-expected third-quarter profit.

Total comparable sales at Burger King rose 1.7 per cent in the quarter ended Sept. 30, far less than the 6.2 per cent rise a year earlier. Comparable sales in the U.S. and Canada fell 0.5 per cent.

McDonald’s Corp. raised expectations across the fast-food industry last week after posting a better-than-expected 1.3 per cent rise in U.S. restaurants.

“In light of McDonald’s more robust numbers, it is disappointing that Burger King did not push into positive territory,” Neil Saunders, CEO of retail research firm Conlumino, wrote in a note.

U.S. burger chains, including McDonald’s, Burger King and Wendy’s, are battling intense competition from upstart chains and meal-kit sellers.

The sector is also under pressure from a drop in grocery prices, a trend that is encouraging more people to eat at home.

Burger King introduced new menu items such as Whopperrito, a burger-burrito mash-up, and Cheetos Chicken Fries, but the launches failed to attract more customers.

“Burger King has more work to do to increase its appeal – including focusing on core lines and the overall restaurant experience,” Saunders wrote.

Total comparable sales at Tim Hortons, which operates mainly in Canada, rose two per cent in the third quarter, compared with a growth of 5.3 per cent last year, when new lunchtime offers boosted growth.

Restaurant Brands’ net profit attributable to shareholders rose to $86.3 million, or 36 cents per share, from $49.6 million, or 24 cents per share, a year earlier (all figures US$).

Total costs and expenses fell three per cent to $655.2 million.

Excluding items, the company earned 43 cents per share, beating the analysts’ average estimate of 40 cents, according to Thomson Reuters I/B/E/S.

Stephens analyst Will Slabaugh said the quarter’s performance was “sufficient.”

“QSR remains one of the few restaurants where investors can easily draw a multi-year path to margin improvement and earnings upside.”

Oakville, Ont.-based Restaurant Brands’ revenue rose 5.5 per cent to $1.08 billion, beating analysts’ estimate of $1.06 billion.

The company raised its quarterly dividend to 17 cents per share from 16 cents.

U.S.-listed shares of Restaurant Brands were down 2.1 per cent at $46.01 in early trading. The stock was down 1.96 per cent at C$61.38 in Toronto.

— Reporting for Reuters by Anet Josline Pinto in Bangalore.

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Shares of the Ontario-based company, which reported a better-than-expected quarterly profit on Tuesday, rose as much as nine per cent to $48.24 on the Toronto Stock Exchange.

The company also raised its quarterly dividend by one cent, to 14 cents per share.

“Restaurant sales can still be much greater and 2016 is already off to a good start,” CEO Daniel Schwartz said on a post-earnings call, adding that the company was “pretty excited” about the addition of grilled hot dogs to its menu.

Burger King said last week hot dogs would permanently feature on its menu, signaling that it was going back to its fast-food roots after attempting to tempt diners with salads and healthier offerings.

Competitors such as McDonald’s and Wendy’s have also been adding new items to lure customers back. McDonald’s has a new all-day breakfast offer, while Wendy’s latest promotions include a “4 for $4” meal.

“Menu innovation has not been the only key to growth at Burger King: value for money has also played a large part,” said Neil Saunders, CEO of research firm Conlumino.

Burger King’s new promotions include a new “2 for $5” sandwich deal, and an offer where customers can get 10 chicken nuggets for $1.49.

Sales at established Burger King restaurants rose 3.9 per cent, excluding currency impact, in the fourth quarter ended Dec. 31, helped by limited-time offers such as a pitch-black burger that the company dished out for Halloween.

The re-introduction of chicken fries as a permanent menu item last March has also helped the chain. Burger King has since innovated on the item, introducing chicken fries dusted in buffalo wings-style spices, and other flavours.

Sales at the Tim Hortons coffee and doughnut chain also rose, due to strong demand for beverages, a new line-up of steak paninis, grilled lunch wraps and Nutella pockets, which the company introduced last April.

Comparable sales at the chain rose 6.3 per cent, excluding currency impact. Analysts had estimated comparable sales growth of 3.9 per cent for Tim Hortons and 3.8 per cent for Burger King, according to Consensus Metrix.

Adjusted profit was 35 cents per share, above analysts’ average estimate of 29 cents, according to Thomson Reuters I/B/E/S.

— Reporting for Reuters by Anet Josline Pinto in Bangalore.

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Maple Leaf, one of the country’s biggest pork processors, said the majority of the job cuts would be completed by the end of 2015 and the rest in 2016.

Nearly half of the positions are based in the Mississauga head office, said spokesman Dave Bauer. Sixty-four are based at the new Hamilton, Ont. meat plant, where analysts noted excess staff and supervisors during a recent tour. The rest of the job cuts are scattered across Canada.

Senior management, led by CEO Michael McCain, remains intact, Bauer said.

Maple Leaf rolled out a program in 2010 to boost earnings by shutting some plants and modernizing others, and the company has struggled to be profitable during that period.

Its third-quarter profit was only its second in the past 11 quarters, and was slightly smaller than expected as the company flagged inefficiencies in starting new plants.

“After years of change and transformation, we’re now in a position to streamline the organization so we can operate as efficiently as possible,” Bauer said. He declined to disclose the savings or one-time costs involved with the cuts.

Reuters reported the job cuts on Tuesday, citing people familiar with the matter.

Last month, Maple Leaf delayed into 2016 its target for increasing earnings before interest, taxes, depreciation and amortization as a percentage of revenue to 10 per cent.

Bauer said the job cuts would have only a small impact on reaching that target.

Maple Leaf’s free cash flow is set to grow next year, and the company has said it is interested in acquisitions in poultry processing or meat production.

The job cuts are not intended to make Maple Leaf more attractive for takeover, Bauer said.

Maple Leaf employs about 12,000 people in Canada.

— Reporting for Reuters by Anet Josline Pinto and Sneha Banerjee in Bangalore and Rod Nickel in Winnipeg; additional reporting for Reuters by Euan Rocha in Toronto.

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Most of Restaurant Brands outlets are in the U.S. and Canada. But the company has been opening new restaurants in France, Brazil, Russia and India, following its peers such as Starbucks, Krispy Kreme, McDonald’s and Yum Brands.

Oakville, Ont.-based Restaurant Brands said China, where it has a relatively smaller presence than its peers, is one of its fastest growing markets.

Burger King opened in India last year and the company may launch its coffee and doughnut chain Tim Hortons in the country, chief financial officer Joshua Kobza told Reuters.

Starbucks, Krispy Kreme and Dunkin’ Donuts have been expanding in the fast-growing India market, while Cafe Coffee Day, the country’s biggest coffee chain, is going public.

Breakfast demand

Tim Hortons’ comparable sales increased 5.3 per cent in the third quarter, helped by the launch of new breakfast items, lunch wraps and continued demand for beverages.

Breakfast is the only U.S. restaurant meal time seeing an uptick in customer visits and Burger King was the No. 4 choice for “Breakfastarians”, according to recent survey.

Burger King’s comparable sales increased 6.2 per cent, helped by new menu items such as Fiery Chicken Fries and the Extra Long Jalapeño Cheeseburger. Burger King opened 141 new restaurants during the three months ended Sept. 30.

The company, posting third-quarter results for the first time, said total operating costs and expenses declined about nine per cent to $675.7 million (all figures US$).

Net profit attributable to shareholders soared to $49.6 million, or 24 cents per share, in the third quarter, from $9.6 million, or five cents per share, in the second quarter.

On an adjusted basis, Restaurant Brands earned 34 cents per share, beating analysts average estimate of 28 cents per share, according to Thomson Reuters I/B/E/S.

The company’s quarterly revenue fell two per cent to $1.02 billion, slightly missing analysts’ estimate of $1.04 billion.

Restaurant Brands’ stock had risen a little more than 10 per cent this year through Monday.

— Reporting for Reuters by Anet Josline Pinto, Sneha Banerjee and Manish Parashar in Bangalore.

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