Burger King Earnings, Sales Slip in Fourth Quarter

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Burger KingFast food chain Burger King Holdings Inc. (BKC) reported diluted earnings of 36 cents per share for the fourth quarter of fiscal 2010, down from 43 cents a year earlier.

Revenue for the quarter was $623 million, 1% lower than in the fourth quarter of fiscal 2009, the company said in a statement. A 0.7% drop in worldwide comparable sales hit revenues.

Currency translation reduced diluted earnings by 1 cent per share, while the resolution of state tax audits and "changes in state tax uncertainties" added 2 cents per share.

For the full fiscal year, Burger King reported diluted earnings of $1.36 per share, compared with $1.46 a year earlier. Revenue was $2.5 billion, down 1% from a year earlier.

"In fiscal year 2010, we faced sustained levels of high unemployment and a fragile global economy that combined made this one of the toughest operating environments in recent history," CEO John Chidsey said.


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