Business | General
Burger King's profit soars 21%
The Miami-based fast-food chain said net income rose to $41 million, or 30 cents per share, from $34 million, or 25 cents per share, last year. Revenue rose 10 per cent to $594 million from $539 million last year.
- AP
- Published: 00:30 May 2, 2008
Miami: Burger King Holdings said yesterday that strong same-store sales in each of its segments and new restaurant growth helped to boost profit 21 per cent in its third fiscal quarter.
The Miami-based fast-food chain said net income rose to $41 million, or 30 cents per share, from $34 million, or 25 cents per share, last year. Revenue rose 10 per cent to $594 million from $539 million last year.
Analysts, on average, predicted a profit of 27 cents per share on revenue of $580 million, according to Thomson Financial.
Burger King says same-store sales rose 5.8 per cent during the quarter.
"This quarter we delivered on our global growth strategies, with all segments contributing to top and bottom line expansion," said CEO John Chidsey. "We leveraged our product pipeline and marketing initiatives around the world while creating a consistent and positive guest experience at our restaurants."
Chidsey credited the growth with a new Whopper advertising campaign in the US, as well as new chicken sandwiches and Snoopy and SpongeBob SquarePants promotions.
For the first nine months of the year, net income was $139 million, or $1.01 a share, compared with $112 million, or 82 cents a share, last year.
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