MIAMI – A difficult global economic environment led to an 83 percent decline in third-quarter earnings for Burger King Worldwide, Inc. For the third quarter ended Sept. 30, the quick-service chain recorded net income of $6.6 million, equal to 2c per share on the common stock, a steep decline compared with the same period of the previous year when the company earned $38.8 million, or 11c per share.
Sales during the quarter fell 29 percent to $451.1 million from $607.7 million during the third quarter of fiscal 2011. The company said the sales decline was due to refranchising transaction in the United States, Canada, Europe, the Middle East and Africa (EMEA), as well as Asia Pacific (APAC), and unfavorable currency movements.
Burger King reported system-wide sales growth in all regions of the world except APAC. The United States and Canada delivered 1.6 percent comparable sales growth on several limited-time promotional offerings. The EMEA had sales growth of 1.8 percent, while APAC sales declined 2.2 percent.
For the first nine months of fiscal 2012, Burger King Worldwide’s net income increased 9.5 percent to $69.1 million, or 20c per share, when compared with the first nine months of fiscal 2011. Sales for the period declined 20 percent to $987 million from $1,234 million during the previous year.
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