CHICAGO — Burger King Holdings Inc.’s fourth-quarter net income fell nearly 17 percent as sales slipped and costs for ingredients and packaging climbed.
The fast-food chain said Tuesday that it earned $49 million, or 36 cents per share during the period that ended in late June. That compares to last year’s net income of $58.9 million, or 43 cents per share.
Revenue slipped 1 percent to $623 million.
Burger King continued to lag its bigger competitor, McDonald’s Corp.
Burger King has been particularly vexed by the economic downturn as layoffs and high unemployment hurt its core demographic of young men. Its tried to compensate by expanding its menu with items that appeal to both budget-conscious customers and those willing to spend more.
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