Burger King’s profit rises on cost cuts
NEW YORK (AP) — Burger King reported a higher first-quarter profit as cost cutting offset weak sales in the U.S.
The Miami-based chain said global sales at established locations rose 2 percent, including a 0.1 percent increase in the U.S. McDonald’s Corp. and Dunkin’ Donuts also reported underwhelming sales for the first three months of the year.
Burger King Worldwide Inc. has been introducing an array of menu items to refresh its outdated image in the U.S. and striking deals with franchisees to expand its presence abroad.
For the quarter, it earned $60.4 million, or 17 cents per share. Not including one-time items, it earned 20 cents per share, a penny more than Wall Street expected.
Revenue declined to $240.9 million as the company refranchised restaurants, falling short of the $241.3 million analysts expected.