Burger King quarterly net income rises
The home of the Whopper is on a mission: bring more food options to customers and expand overseas. Burger King's plan appears to be working so far, with the chain's net income surging 60 percent in the second quarter.
As the fast-food market becomes increasingly crowded at home, Burger King -- like other companies -- has concentrated on growing abroad. In the past year, 80 percent of new store openings have been in Europe, the Middle East and Africa.
Back in the U.S., Burger King has been working to refresh its outdated image and win back lost market share. The Miami company launched its biggest menu expansion ever in April, with items including fruit smoothies, specialty salads and coffee frappés.
Burger King Worldwide Inc., which began trading publicly again in June, reported net income of $48.2 million, or 14 cents per share, in the quarter ended June 30. That's up from $30.2 million in the year-ago period, when the company was privately held. Revenue dropped 9 percent to $540.8 million from $595.4 million. But Burger King said that revenue at locations open at least a year -- a key gauge of a retailer's health-- climbed 4.4 percent.
In other earnings news:
Procter & Gamble Co. said Friday that its net income climbed 45 percent in its fiscal fourth quarter, boosted by the sale of its snacks division. Even without the impact of the sale, its earnings beat Wall Street expectations.
Eastman Kodak Co. said Friday its second-quarter loss widened as revenue fell while it reorganized under bankruptcy protection. Its loss for the April to June quarter totaled $299 million, up from $179 million last year. Revenue fell 27 percent to $1.08 billion.