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Burger King profits jump 42%

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Date: Thursday 21 Aug 2008

LONDON (ShareCast) - Burger King, the second largest burger chain in the US, saw profits jump 42% in the fourth quarter thanks to extended hours at its outlets.

The group said fourth-quarter earnings rose to $51m, or 37 cents a share, compared to $36m, or 26 cents a share, in the same period last year. Revenue was up 9% to $646m.

Sales at restaurants open for at least a year rose 5.3% as the burger chain extended store hours at its US stores to entice late-night and breakfast customers.

The group’s sales were also helped by the addition of another 110 restaurants around the world.

For the year, Burger King’s net income rose 28 percent to $190m, or $1.38 per share, from $148m, or $1.08 per share, in the prior year. Revenue rose to $2.46bn from $2.23bn.

“We remain committed to delivering top of the industry financial performance and expect full year fiscal 2009 earnings per share of $1.54 to $1.59," said CEO John Chidsey.

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