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Winnipeg Free Press - PRINT EDITION
Burger King's net income up 60%
LUIS M. ALVAREZ / THE ASSOCIATED PRESS ARCHIVES Burger King introduced new menu items in April to update its image. (CP)
NEW YORK -- The home of the Whopper is on a mission: bring more food options to customers and expand overseas. Burger King's plan appears to be working so far, with the chain's net income surging 60 per cent in the second quarter.
As the fast-food market becomes increasingly crowded at home, Burger King -- like other companies -- has concentrated on growing abroad. In the past year, 80 per cent of new store openings have been in Europe, the Middle East and Africa.
During the second quarter it worked out joint ventures with Russia and China. The Russian joint venture will see several hundred restaurants open there over the next few years, while the China deal will bring 1,000 restaurants to the country over the next five to seven years. Burger King says this is the biggest multi-unit development agreement in its history.
Back in the U.S., Burger King has been working to refresh its outdated image and win back lost market share. The Miami company launched its biggest menu expansion ever in April, with items including fruit smoothies, specialty salads and coffee frappes.
Burger King Worldwide Inc., which began trading publicly again in June, reported net income of $48.2 million, or 14 cents per share, in the quarter ended June 30. That's up from $30.2 million in the year-ago period, when the company was privately held.
CEO Bernardo Hees said that the company's efforts to revamp its menu and remodel restaurants in the U.S. and Canada are showing tangible results.
-- The Associated Press
Republished from the Winnipeg Free Press print edition August 2, 2012 B5
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