Burger King 4Q profit rises despite sales drop

[August 25, 2009]  MIAMI (AP) -- Burger King says its fiscal fourth-quarter profit rose despite a drop in sales as it opened more outlets and better managed costs in the U.S.

The nation's No. 2 hamburger chain earned $58.9 million, or 43 cents per share, in the three months that ended June 30. That compares with $50.6 million, or 37 cents per share, in the same period a year earlier.

Results beat Wall Street's estimate of 33 cents per share.

Revenue fell 2.4 percent to $629.9 million. Analysts had expected revenue of $632 million.

Same-store sales, or sales at locations open at least a year, slid 2.4 percent in the quarter.

Miami-based Burger King said it added 115 net new restaurants during the period.

[Associated Press]

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