Burger King Holdings Inc. says its fourth-quarter net income fell nearly 17 per cent as sales slipped and ingredient costs climbed.
The fast-food restaurant says it earned $49 million, or 36 cents per share during the period that ended in late June. That compares to last year's net income of $58.9 million, or 43 cents per share. The company also got a smaller tax benefit than last year. Revenue slipped 1 per cent to $623 million.
The earnings beat Wall Street forecasts, but revenue fell short. Meanwhile, sales at restaurants open at least a year slid for the fifth consecutive quarter.
Burger King is based in Miami and has more than 12,000 restaurants around the globe.