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Burger King Q4 and full fiscal 2009 results
Burger King Holdings has reported results for the fourth quarter and the full 2009 fiscal year ended 30 June 2009.
Fourth quarter highlights
- Strong development growth continued, with net restaurant count increasing by 115.
- Worldwide comparable sales were negative 2.4% compared to positive 5.3% in the same period last year.
- US and Canada company restaurant margins improved 130 basis points to 13.5% from 12.2% in the same period last year.
- Earnings per share were $0.43, including $0.03 per share of negative impact from currency translation, compared to $0.37 in the same period last year.
Fiscal year highlights
- Completed six consecutive years of positive comparable sales.
- Worldwide comparable sales increased 1.2% compared to 5.4% in the same period last year.
- Opened a net 360 restaurants, 28% higher than the prior year and the highest in almost a decade.
- Development outside the US and Canada represented over 90% of the net growth – the best international development year in the history of the company.
- Cash flow from operations was $310.8m, up 28% compared to $243.4m in fiscal 2008.
- Reduced debt and capital leases by $59m.
- Earnings per share and adjusted earnings per share were $1.46 and $1.48, respectively, including $0.10 per share of negative impact from currency translation, compared to $1.38 in the prior year period.
Revenues for the fourth quarter of fiscal 2009 were $629.9m, down 2% compared to the same quarter last year. For the fiscal year, the company reported revenues of $2,537.4m, up 3% over the same period last year.
Currency translation negatively impacted quarterly and full fiscal year revenues by $39.4m and $110.6m, respectively. Revenues for the full year were primarily driven by acquisitions of franchised restaurants, positive comparable sales, and a worldwide net restaurant growth rate of 3.1%, among the highest in the industry. Worldwide trailing 12-month average restaurant sales were $1.26m including $55,100 of negative impact from currency translation.
“In the face of a continuing challenging macro-economic environment, our business model remains strong,” said chairman and CEO, John Chidsey. “In fiscal 2009, we completed six consecutive years of positive comparable sales growth, achieved record revenues, generated strong cash flow from operations and increased net restaurant count by 360, our strongest development year in almost a decade.”
Source: Burger King
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