News

Burger King's fourth quarter beats expectations

August 23, 2010

Burger King Holdings Inc. announced its fourth quarter earnings today. The company's profit fell to $49 million, or 36 cents a share, from $58.9 million, or 43 cents a share, in the same period a year ago.

Despite the drop, most analysts predicted the company to earn 33 cents a share.

Highlights from the 4Q report include:

• Worldwide comparable sales were negative 0.7 percent, compared to negative 2.4 percent in the same period of 2009.
• U.S. and Canada comparable sales were negative 1.5 percent, compared to negative 4.5 percent in the same period of 2009.
• The net restaurant count increased by 59 units.

On the whole, for fiscal year 2010:

• Worldwide comparable sales were negative 2.3 percent, compared to positive 1.2 percent in the same period of 2009.
• U.S. and Canada comparable sales were negative 3.9 percent, compared to positive 0.4 percent in the same period of 2009.
• The net restaurant count increased 249 over the prior 12-month period, representing a 2.1 percent growth rate.
• Burger King paid down $67.7 million of debt and capital leases.