Burger King posts higher-than-expected profit
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Thu, 01 May 2008 11:59:05 GMT |
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Reuters |
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NEW YORK (Reuters) - Burger King Holdings Inc , the world's second-largest hamburger chain, posted a nearly 21 percent rise in quarterly profit on Thursday, boosted by higher sales at new and remodeled restaurants, value menus and extended hours.The Miami-based company, best known for its Whopper hamburgers, said net income rose to $41 million, or 30 cents per share, in the third quarter ended on March 31, from $34 million, or 25 cents per share, a year earlier.Analysts, on average, had been expecting it to earn 27 cents per share, according to Reuters Estimates.Revenue rose 10 percent to $594 million from $539 million. Sales at established stores open at least 12 months were up 5.8 percent worldwide. Same-store sales were up 5.4 percent in the United States and Canada.Burger King's same-store sales growth has recently outpaced the fast food industry, which is luring customers with value-priced menu items, even as the costs for ingredients like beef and bread have skyrocketed.Burger King's sales have ticked higher as it spruces up tired outlets and catches up with rivals by expanding value menu items and business hours.The company said it now expects fiscal year earnings per share growth of "20 percent plus" year-over-year. Previously, it forecast year-over-year earnings per share growth in excess of 15 percent for the 2008 fiscal year ending in June.It forecast full-year earnings per share of $1.33 to $1.35.(Reporting by Nicole Maestri; Editing by Lisa Von Ahn and Dave Zimmerman)
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