Burger King profit beats estimates as costs fall
Burger King Worldwide inc. announce higher than anticipated 30 per cent rise in quarterly profits, helped by a sharp fall in costs as the third-biggest U.S. hamburger chain moves to a fully franchised model
Burger King, pronounced its net profit rose to $62.9 million from $48.2 a year earlier. This is partly due to a drop of nearly 65 per cent in expenses.
The company said it re-franchised 305 restaurants in the quarter and had nearly completed its transformation. Around 99 per cent of the company’s 13,000 restaurants are now owned and operated by independent franchisees.