Burger King income up 29% in quarter

by FoodBusinessNews.net Staff
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MIAMI — Burger King Holdings, Inc. in the second quarter ended Dec. 31 posted net income of $49 million, equal to 36c per share on the common stock, up 29% from $38 million, or 28c per share, during the same quarter of the previous year.

Total revenue for the quarter was $613 million, up 10% from $559 million during the same quarter of the previous year.

"Our strong worldwide performance across all regions and businesses confirmed our ability to execute on our multifaceted strategic growth opportunities," said John Chidsey, chief executive officer. "Our top- and bottom-line expansion highlights the continued momentum of our brand. We succeeded in challenging macroeconomic environment with marketing initiatives that drove increased sales and traffic, robust international restaurant growth and the profitability of our highly franchised business model."

Worldwide comparable sales were up 4.5% in the quarter, representing the 16 consecutive quarters of positive comparable sales. Comparable sales were up 4.2% in the U.S. and Canada, which marked 15 consecutive quarter of positive comparable sales growth.

During the six-month period ended Dec. 31, the company posted net income of $98 million, or 72c per share, up 26% from $78 million, or 59c per share, during the same period of the previous year. Revenue for the six months was $1,215,000,000, up 10% from $1,105,000,000 during the same period of the previous year.

"We have great confidence in our business strategy and the strong momentum in all facets of our business — marketing, products, development and operations," Mr. Chidsey said. "As we maximize our strategic growth opportunities, we expect to exceed our initial financial guidance for fiscal 2008. We have increased our year-over-year earnings per share growth guidance to be in excess of 15%. We remain committed to delivering top of the industry financial performance, creating significant value for our shareholders."

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