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Burger King 2nd-quarter profit climbs, co. reworking menu and focusing on overseas expansion
NEW YORK (AP) Burger King Worldwide Inc.'s net income surged 60 percent in the second quarter, as the fast food chain reworked its menu and focused on expanding overseas.
The Miami-based company, which began trading publicly again in June, earned $48.2 million, or 14 cents per share. That's compared with $30.2 million in the year-ago period, when the company was privately held.
Removing stock-based compensation expense and other items, earnings were 17 cents per share.
For the period ended June 30, revenue dropped 9 percent to $540.8 million from $595.4 million.
But Burger King said Wednesday that revenue at locations open at least a year a key gauge of a retailer's health climbed 4.4 percent.
The company has more than 12,600 restaurants worldwide, compared with 33,000 for McDonald's Corp.