Burger King posts higher 2Q earnings

RetailME Bureau

Global hamburger fast food chain Burger King Worldwide Inc’s second-quarter earnings rose 30% as stronger same-store sales in Europe, the Middle East and Africa (EMEA) helped offset the fast-food chain’s weakness in North and Latin America.

Burger King recorded a profit of $62.9 million up from $48.2 million a year earlier. However, its revenue declined 49% to $278.3 million, primarily due to 85% drop in company-restaurant revenue. Excluding the impact of refranchising and currency movements, revenue increased 1.2%.

System-wide same-store sales at Burger King rose 0.4%. While same-store sales were down 0.5% in the US and Canada, it rose 2.9% in EMEA. Latin America same-store sales shrank 2.2% and the same in the Asia-Pacific region were up 3.9%.