Business News
Higher costs weaken Burger King profits
Oct 31, 2008, 19:06 GMT
New York - Burger King, the world's second largest fast food chain, suffered weaker profits in the first quarter of the business year because of higher ingredient costs and the expense of opening additional franchises, the Miami-based firm reported Friday.
Profits at the close of September climbed by only 2 per cent from the same period last year to 50 million dollars. Revenues stood at 674 million dollars.
Burger King boss John Chidsey said he was hopeful that food prices as well as energy costs will drop in the near future and help restore higher profits.
Burger King still plans to increase its number of restaurants by 350 or 400, and added 67 during the first quarter.
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