Thursday, 01 August 2013 00:00

BURGER KING net income soars 30.5% in Q2

Burger King has reported results for its second quarter ended 30 June. Revenue declined 48.5% to USD278.3 million. The company stated this loss was connected to its global refranchising initiative. Global comparable sales increased 0.6%, driven by 2.9% positive comparable sales growth in Europe, Middle East and Africa (EMEA) and 3.9% growth in Asia Pacific (APAC). However, these figures were partially offset by 0.5% negative comparable sales growth in the US and Canada and a 2.2% decline in Latin America and the Caribbean (LAC).

During the quarter Burger King added a net 125 restaurants to its portfolio. EMEA added 71 restaurants, LAC grew by 26 and APAC by 59. However, the US and Canada store portfolio declined by 31 restaurants. Net income rose 30.5% to USD62.9 million in comparison to USD48.2 million in the previous yearly period.

Daniel Schwartz, Burger King CEO, said: "Strength in EMEA and APAC helped drive a return to positive comparable sales in the second quarter. We continued to accelerate international growth with 125 net restaurant openings, primarily in China, Turkey, Russia and Brazil, which could not have been possible without the solid execution of our experienced joint venture and master franchisee partners on the ground.

"Additionally, we successfully refranchised 305 restaurants, nearly completing our transformation to a fully-franchised business model. This model is designed to efficiently leverage the strength of the Burger King brand while maximising value for franchisees and shareholders. We believe that our proven strategy, world-class employees and high-performance culture will allow us to continue to generate sustainable, long-term growth."

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