Burger King announces whopper profits

Source: Exec Digital USA

Date :8/21/2008 4:43:19 AM

Burger King Holdings Inc today, August 21, reported a 9.5 percent increase in revenue in the last fiscal quarter, taking their profits to US$646 million.

The nation's second largest hamburger chain exceeded Wall Street expectations by around US$11.4 million for the period ending June 30, rising to 37 cents a share, up from 26 cents the year before.

Analysts attribute the success to extended opening hours increasing the late-night and breakfast markets, as well as economic pressures moving customers away from casual restaurants and towards fast-food chains.

Customer traffic in the stores has hit a 10 year high, and sales in restaurants established for one year increased by 5.3 percent globally, 5.5 percent in Canada and the US. An additional 110 restaurants worldwide also helped the company’s performance.

Burger King predicted a profit of US$1.54 - US$1.59 per share for the fiscal 2009.