Burger King Earnings, Sales Slip in Fourth Quarter

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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