Burger King Holdings Inc. has reported its 3Q10 results for the third quarter of fiscal 2010. Worldwide comparable sales were negative 3.7 percent compared to positive 1.0 percent in the same period last year. The company posted positive comparable sales of 1.1 percent in its EMEA/APAC business segment compared with negative 0.6 percent in the same period last year. Strong performance in Spain, Australia, Korea and Turkey more than offset negative comparable sales in Germany and the UK.
Worldwide revenues for the third quarter were down 1 percent at USD596.9 million, compared with USD599.9 million in the same quarter last year. Revenues were adversely impacted by negative worldwide comparable sales, partially offset by favourable currency translation of USD19.5 million and strong net restaurant growth of 305 units during the past 12 months. Worldwide restaurant margins were 11.3 percent compared with 11.7 percent in the same quarter last year.
"Even though the quarter’s results were negatively impacted by severe US weather conditions in January and February, I am encouraged by our overall performance in March including positive US traffic and sequential quarterly improvement in average check. Average check in the US was helped by the national launch of our premium Steakhouse XTTM burger line that continues to receive favourable consumer response," said chairman and CEO John Chidsey.
The company opened 37 net new restaurants in the third quarter of its 2010 fiscal year and completed the acquisition of 35 restaurants in Singapore in early March. Trailing 12-month net restaurant count increased 305 over the prior 12-month period, representing a net restaurant growth rate of 2.6 percent. During this period, the company posted positive net restaurant growth across all business segments with 89 percent of the restaurants opened outside N America. For the 2010 full fiscal year, the company is on target to open 250 to 300 net new restaurants.