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 with net income of $58.9 million, or 43 cents per share, a year ago.
Revenue slipped 1 percent to $623 million, as sales at restaurants open at least a year slid for the fifth consecutive quarter. The company also got a smaller tax benefit than last year.
The earnings beat Wall Street forecasts, but revenue fell short. Analysts surveyed by Thomson Reuters expected the company to earn 34 cents per share with revenue of $635 million.
The earnings were “better-than-feared” but revenue was sluggish, R.W. Baird analyst David E. Tarantino told investors in a research note.
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