MIAMI – Burger King says its profit dropped 10 percent in its second quarter as the effect of a stronger dollar outweighed a boost in sales. The fast-food company is also cutting its full-year earnings forecast.
The Miami-based fast-food chain said Thursday net income fell to $44 million, or 33 cents per share, from $49 million, or 36 cents per share, a year ago.
Thomson Reuters says analysts expected profit of 37 cents per share.
The chain says the stronger dollar hurt earnings by 5 cents per share.
Burger King Holdings Inc. says revenue rose to $634 million from $613 million. Analysts had predicted higher revenue of $658.6 million.
Burger King says it now expects to earn between $1.44 and $1.49 per share in 2009, down from $1.54 to $1.59 per share. Analysts expect $1.52 per share.