Burger King reports 3Q net income loss
Burger King, the No. 2 worldwide fast-food chain, says net income fell to $6.6 million, or 2 cents per share. That compares with $38.8 million, or 11 cents per share, last year, they said on Oct. 29. (Aug. 1, 2012) Credit: Getty Images
Burger King says its third-quarter net income fell 83 percent as revenue was hurt by the stronger dollar, but adjusted results topped expectations.
The No. 2 worldwide fast-food chain says net income fell to $6.6 million, or 2 cents per share. That compares with $38.8 million, or 11 cents per share, last year.
Net income excluding one-items totaled 17 cents per share. Analysts expected 15 cents per share.
Revenue fell 26 percent to $451.1 million. Analysts expected revenue of $439.7 million.
Much of the revenue hit came from the company selling company-owned stores to franchisees. Burger King refranchised 221 restaurants during the quarter.
In the United States and Canada, revenue in stores open at least a year rose 1.6 percent, helped by demand for Burger King's Summer BBQ and chicken sandwiches.
Memorial Day: LIers honor those we've lost ... Oakdale man's service remembered ... Gold Star mom makes it her mission to honor son's sacrifice ... NFL player visits Little League team
Memorial Day: LIers honor those we've lost ... Oakdale man's service remembered ... Gold Star mom makes it her mission to honor son's sacrifice ... NFL player visits Little League team
