Business News
Burger King profits fall on stronger dollar
Feb 5, 2009, 18:12 GMT
New York - Burger King, the world's second-largest fast food chain, on Thursday posted lower-than-expected quarterly results because of currency fluctuations and the resurgent dollar.
The Miami-based Burger King said its net income for the second quarter of its 2009 fiscal fell to 44 million dollars from 49 million dollars a year ago.
'The complexity and rapidity in currency fluctuations during our second fiscal quarter, created by uncertainties in the currency markets, was difficult to forecast and anticipate,' CEO John Chidsey said in a statement.
But the company said it posted its best quarterly development growth rate in eight years, opening 125 new restaurants compared to 105 in the same period last year. Burger King was on track to add 350-400 new restaurants this year, the statement said.
COMMENT
blog comments powered by DisqusLatest Headlines in Business
- 1. US unemployment drops further, but figures disappoint
- 2. Japan stocks down as euro debt outweighs positive US data
- 3. Iraq resumes oil flow after pipeline blast in Turkey
- 4. Spanish bond auction lifts eurozone worries, sinks Japan stocks
- 5. ECB holds rates, rules out early exit from emergency measures
Older Talkback
