Is Burger King profitable
MIAMI (awp international) - While the restaurants at McDonald's are full, Burger King has to fight for every customer: In the fourth quarter of the 2009/10 fiscal year (end of June), sales of the fast food chain fell by 1 percent to $ 623 million. The profit decreased compared to the same period last year by 17 percent to 49 million dollars. Looking at the whole year, the picture is similar. Company boss John Chidsey blamed high unemployment and ongoing uncertainty about economic development on Tuesday for the poor performance.
On the other hand, the competitor McDonald's had managed to expand its business despite the adverse circumstances. In the summer, the company lured customers with cheap iced tea, among other things, and served more coffee and cake in its McCafés. The rival is almost ten times the size of Burger King and much more profitable.
Burger King boss Chidsey continues to expect sharp headwinds from the economic crisis. His hopes rest on the 249 new restaurants that have opened over the year, modernized old shops and fresh franchise partners, including in Germany. The stock rose 1 percent in early New York trading./das/DP/wiz
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