Burger King income jumps in fiscal 2007

by FoodBusinessNews.net Staff
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MIAMI — Net income for Burger King Holdings, Inc. in the year ended June 30 was $148 million, equal to $1.11 per share on the common stock, up 448% from $27 million, or 24c per share, during 2006.

Revenues for the year were $2,234,000,000, up 9% compared with $2,048,000,000 during 2006.

The year’s results included average worldwide restaurant sales of $1.193 million, up 6% compared with $1.126 million last year. During the year the company opened 441 new restaurants, which was a 26% increase compared with 2006.

For the fourth quarter ended June 30, net income was $36 million, or 26c per share, compared with a $10 million loss during the same quarter of 2006.

Total revenue for the quarter was $590 million, up 11% compared with $533 million during the same quarter of the previous year.

In the United States and Canada, fourth-quarter sales were boosted by breakfast and late-night options as well as featured menu offerings and related promotional campaigns.

The quarter also marked the 14th consecutive quarter of worldwide positive comparable sales at 4.4% and the 13th consecutive quarter of positive comparable sales growth in the U.S. and Canada at 3.6%.

"For fiscal 2008, we expect to perform at the top of our industry," said John Chidsey, chief executive officer. "Our strategies remain the same; we plan to successfully execute against our multi-faceted growth opportunities by focusing on operational excellence and by sustaining our reputation as a socially relevant brand with provocative marketing and product innovation."

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