Burger King swings to loss in quarter
May 13, 2011
MIAMI — Interest expenses and declining sales caused Burger King Holdings, Inc. to post a loss during the first quarter.
For the quarter ended March 31, the company suffered a loss of $6.8 million, which compared with income of $41 million during the same quarter of the previous year. Revenue for the quarter was $552 million, down 8% from $596.9 million during the same quarter of the previous year.
“Continued disciplined expense management allowed us to improve our adjusted EBITDA and adjusted EBITDA margin at the fastest pace in 10 quarters, despite negative comparable sales growth in North America and commodity price pressures,” said Daniel Schwartz, chief financial officer. “Our comparable sales growth performance and improvements to our company restaurant margins remain our top priority, particularly in North America where we are focused on executing on the four priorities of our plan, which include operations, marketing, menu and image.”
During the first quarter the company added the $1,$2,$3, BK Stacker line and the Jalapeno and Cheddar BK Stuffed Steakhouse burger as well as all-new chicken tenders.