Burger King Q1 net income grows on declining sales

Miami – Consolidated net income at Burger King Worldwide Inc. grew 68.7% year-over-year during the first quarter of fiscal 2014, rising to $60.4 million from $35.8 million. In the same period, total revenues fell 26.5% to $240.9 million from $327.7 million.



Systemwide same-store sales grew 2%. Burger King cited severe weather as negatively affecting North American sales, as well as the net refranchising of 327 company-owned stores during the quarter. The retailer attributed its net income growth to improvement in overseas EBITDA performance.



“We started off 2014 strong by generating same-store sales growth across all four regions during the first quarter,” said Daniel Schwartz, CEO. “Despite severe winter weather in the U.S. and Canada, our commitment to launching fewer, more impactful products and simplifying in-restaurant operations helped drive improved performance. Internationally, we maintained our strong sales momentum by rolling out innovative new products and accelerating net restaurant growth. Furthermore, we strengthened our global new restaurant pipeline to position ourselves for sustained growth in the months to come.”