American restaurant chain Burger King has reported $21.5m increase in net income to $35.8m for the first quarter (Q1) ended 31 March 2013 compared to $14.3m in the corresponding quarter last year.
Total revenues for the first quarter of fiscal 2013 dropped by 42.5% to $327.7m, compared to total revenues of $569.9m in the same quarter of fiscal 2012.
The company's global comparable sales growth declined 1.4%, while system-wide sales increased 1.1%.
Comparable sales growth dropped mainly due to the impact of leap day and negative comparable sales growth in the US and Canada and Latin America and the Caribbean ('LAC'), partially offset by positive growth in Europe, the Middle East and Africa ('EMEA') and Asia Pacific ('APAC').
Burger King Worldwide chief executive officer Bernardo Hees said that the company announced the increase of its dividend by 20% and initiated a $200m share repurchase program, demonstrating its positive outlook for the long-term prospects of the business and commitment to returning cash to shareholders.
"While comparable sales growth was not up to our expectations, we made progress toward achieving our target business model and remain committed to executing our Four Pillar strategy in the U.S. and Canada and driving net restaurant growth internationally," Hees said.
Founded in 1954, Burger King operates over 13,000 outlets serving more than 11 million guests daily in 88 countries and territories worldwide.
