Growth in international markets contributed to a 31% climb in income and a return to positive comparable sales for Burger King Worldwide Inc. in the second quarter.
For the quarter ended 30 June, the company had net income of $62.9 mill., equal to 18 cents earnings per share on the common stock, compared with $48.2 mill., or 14 cents per share, during the same quarter of the previous year. But total revenues for the quarter dropped 49% to $278.3 mill., from $540.8 mill. during the same period of the previous year.
Additionally, the company refranchised 305 restaurants during the quarter, nearly completing its end-of-year goal to become a fully-franchised business model.
System-wide comparable sales grew nearly 1% during the quarter, driven by 3% growth in the Europe, Middle East and Africa region and 4% growth in the Asia Pacific region, offsetting a sales slide in US and Canada and Latin America and Caribbean markets.
While value-based promotions and limited-time premium offerings, including the summer barbecue menu, helped drive traffic in US and Canada restaurants, comparable sales declined nearly 1% in the quarter, due to a challenging macroeconomic environment, more competition and a stronger prior year performance.
For the first six months of the fiscal year, Burger King had net income of $98.7 mill., or 28 cents per share, up 58% from $62.5 mill., or 18 cents per share, during the same six-month period of the previous year. Total revenues for the six months ended 30 June were $606 mill., down 45% from $1,110.7 mill.
Source: Burger King Worldwide Inc.