Third-quarter net income for Burger King Worldwide Inc. jumped more than 10 times from the previous year due to a 64.2-percent decrease in total operating costs, driven by the refranchising of 519 company-owned restaurants over the past 12 months from the quarter's end, the Miami-based company reported Monday.
Refranchising caused revenue to fall nearly 40 percent for the quarter ended Sept. 30, but global same-store sales rose slightly on stronger performances in the chain’s international divisions. Burger King operates or franchises 13,259 restaurants worldwide, including 7,404 in the United States.
NET INCOME
Result: $68.2 million, or 19 cents per share% Increase: 933.3% (from $6.6 million, or 2 cents per share)
REVENUE
Result: $275.1 million
% Decrease: 39.6% (from $455.7 million)
*Includes the impact of refranchising 519 company-owned restaurants in the trailing-12-month period
SAME-STORE SALES
% Increase worldwide: 0.9%
% Decrease U.S., Canada: 0.3%
% Increasse Europe, Middle East and Africa: 2.4%
% Increase Latin America, Caribbean: 2.1%
% Increase Asia-Pacific: 3.7%
Source: Company report
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