Burger King Reports Q1 Fiscal 2009 Results; Confirms Full-Year EPS Growth Forecast of 12 to 15 percent

Highlights: 

- Revenues up 12 percent to $674 million

- 19th consecutive quarter of worldwide positive comparable sales;3.6 percent

- 18th consecutive quarter of United States and Canada positive comparable sales;3.0 percent 

- Trailing 12-month (TTM) average restaurant sales (ARS) up 8 percent, to $1.32 million - a new record high TTM 

- Net restaurant count increases by 342 - on target to meet annual guidance 

- EPS and adjusted EPS results as outlined below:

Three Months Ended September 30, 2008

                       2008                2007           % change                ------------------------------------------------------- EPS                           $0.36              $0.35              3% Adjustments(1)                $0.02                 $-              NM Adjusted EPS                  $0.38              $0.35              9%

Burger King Holdings, Inc. delivered robust revenue growth led by an increased number of company restaurants, positive worldwide comparable sales in all segments and significant worldwide net restaurant expansion.

Comparable sales were up 3.6 percent, marking the 19th consecutive quarter of worldwide same-store-sales growth. In the United States and Canada, comparable sales were up 3.0 percent, the 18th consecutive quarter of same-store-sales growth. Additionally, the system opened 67 net new restaurants, the highest number of first quarter net restaurant openings in seven years.

As a result, the company posted strong revenues for the first quarter of $674 million, up 12 percent from $602 million in the same quarter last year.

"The global strength of our business is evidenced by our solid top-line expansion,"said John Chidsey, chairman and chief executive officer. "We delivered strong revenues even with mounting economic and consumer uncertainties by successfully executing on our multiple growth strategies, including net restaurant growth, product innovation, marketing leadership, longer competitive hours and operational excellence."

Comparable sales worldwide were fueled primarily by the implementation of strategic pricing as well as a strong mix of high demand indulgent and value product offerings and promotional tie-ins. Results were also aided by regionally based offerings such as the successful introduction of an innovative and healthy kids meal, which includes BK(TM) Fresh Apple Fries and nutritionally fortified Kraft(R) Macaroni and Cheese in the U.S. and Whopper(R) sandwich limited time offers in both Europe and Latin America. Also contributing to sales were family promotions used throughout many markets including Pokemon(TM), Crayola(TM) and Neopets(R).

Chidsey concluded: "Our business fundamentals remain strong and we believe that our brand is well positioned to drive future profitability as we continue to execute on our proven strategies: expanding our global footprint;accelerating our company restaurant reimaging program;providing our guests with an exceptional dining experience;and maintaining our industry-leading marketing. Our strategies remain on course;therefore, we are reaffirming our full-year EPS forecast of $1.54 to $1.59 for 12 to 15 percent EPS growth based on our outlook for continued positive comparable sales, significant restaurant development and increased income from operations."