Burger King Blames Profit Dip on Weather
NEW YORK (
) --
Burger King
(BKC)
posted a 13% decline in its first-quarter, blaming the harsh winter for the dip.
Still, results managed to just beat Wall Street's forecast. During the quarter, the fast-food chain earned $41 million, or 30 cents a share, compared with $47.1 million, or 34 cents, last year. Analysts were calling for a profit of 29 cents a share.
Revenue slipped 1% to $596.9 million, while total comparable sales fell 3.7%. Sales at U.S. and Canadian restaurants open at least a year tumbled 6.1%.
But it seems rival
McDonald's
(MCD) - Get Report
didn't have the same weather issues at Burger King. Last week the fast-food giant said its
first-quarter profit grew 11% to $1.09 billion
, or $1 a share, as total same-store sales jumped 4.2%.
Sure, one could say that McDonald's has a stronger international presence than Burger King, offsetting poor weather in the states, but McDonalds also reported a 1.5% uptick in U.S. same-store sales.
McDonald's attributed the boost to strong coffee sales. Its McCafe introduced lower-priced frappes during the quarter.
-- Reported by Jeanine Poggi in New York.
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