Burger King’s first-quarter earnings more than doubled, even though revenue fell, as the fast-food chain trimmed several restaurant-related expenses.
The Miami-based company had warned earlier this month that sales at established restaurants were expected to fall during the quarter, and they wound up declining 1.4 percent. Burger King said competition and a strong first quarter last year hurt US and Canadian sales comparisons to this year’s quarter. But it said sales from those countries rallied in March due in part to promotions like the $1.29 Whopper Jr.
Overall, Burger King Worldwide Inc. said Friday its net income rose to $35.8 million, or 10 cents per share, in the quarter that ended March 31. That’s up from $14.3 million, or 4 cents per share, in the previous year’s quarter when it was still private.
The company previously said adjusted earnings totaled 17 cents per share in the most recent quarter.
Revenue fell about 42 percent to $327.7 million. Analysts expected $305.8 million, according to FactSet.