News

Burger King reports fourth-quarter and FY 2010 results

Shaun Weston25 Aug 2010

Burger King Holdings has reported results for the fourth quarter and full fiscal year 2010. Key highlights of the company’s results include:

Fourth quarter highlights

Worldwide comparable sales were negative 0.7% compared to negative 2.4% in the same period last year.
US and Canada comparable sales were negative 1.5% compared to negative 4.5% in the same period last year.
Solid development growth continued with net restaurant count increasing by 59.
Diluted earnings per share were $0.36, including $0.01 per share of negative impact from currency translation, compared to diluted earnings per share of $0.43 in the same quarter last year. Last year’s diluted earnings per share included a $0.07 tax benefit from the dissolution of dormant foreign entities and this year’s diluted earnings per share included a $0.02 tax benefit from the resolution of state tax audits and changes in state tax uncertainties.

Worldwide comparable sales were negative 2.3% compared to positive 1.2% in the same period last year.
US and Canada comparable sales were negative 3.9% compared to positive 0.4% in the same period last year.
Net restaurant count increased 249 over the prior 12-month period, representing a net restaurant growth rate of 2.1%. The company posted positive net restaurant growth across all reporting business segments, with over 90% of the increase realised outside of the US and Canada.
Paid down $67.7m of debt and capital leases.
Reduced net debt to earnings before interest, tax, depreciation and amortisation (Ebitda) ratio to 1.5 times from 1.9 times in the prior year.
Diluted earnings per share were $1.36, compared to diluted earnings per share and adjusted earnings per share of $1.46 and $1.48, respectively, in the prior year. Last year’s diluted earnings per share and diluted adjusted earnings per share included a $0.12 tax benefit from the dissolution of dormant foreign entities and from the positive resolution of federal and state tax audits.

Source: Burger King