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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.