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Back in the U.S., Burger King has been working to refresh its outdated image and win back lost market share.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:
Filings: 7-year-old was left home alone for a day 6 months before she died ... LI employers stole nearly $4M from their workers ... Flock reps meeting with Suffolk lawmakers ... Wet weather on the way
Filings: 7-year-old was left home alone for a day 6 months before she died ... LI employers stole nearly $4M from their workers ... Flock reps meeting with Suffolk lawmakers ... Wet weather on the way
