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Burger King Net Income Falls 17 Percent as Sales Slip

Tuesday, 24 Aug 2010 08:41 AM

Burger King Holdings Inc. says its fourth-quarter net income fell nearly 17 percent as sales slipped and ingredient costs climbed.

The fast-food restaurant says it earned $49 million, or 36 cents per share during the period that ended in late June. That compares to last year's net income of $58.9 million, or 43 cents per share.

The company also got a smaller tax benefit than last year.

Revenue slipped 1 percent to $623 million.

The earnings beat Wall Street forecasts, but revenue fell short.

Meanwhile, sales at restaurants open at least a year slid for the fifth consecutive quarter.

Burger King is based in Miami and has more than 12,000 restaurants around the globe.

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Burger King Holdings Inc. says its fourth-quarter net income fell nearly 17 percent as sales slipped and ingredient costs climbed.The fast-food restaurant says it earned $49 million, or 36 cents per share during the period that ended in late June. That compares to last...
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Tuesday, 24 Aug 2010 08:41 AM
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