Business Services Industry
Burger King Operating Profit Cut as Restaurant Chain Reverses Sales Decline.
Knight Ridder/Tribune Business News, February, 2002
Daily Mail, London Knight Ridder/Tribune Business News
Feb. 22--Spirits giant Diageo has had to fork out to stop investors beefing about Burger King, the troublesome chain it is preparing to sell.
Burger King six-month operating profits slumped 29 percent to UKpound 79 million as it ate more cash to pay for new management, advertising and products. Discounting was cut on its flagship burger, the Whopper.
For the first time in two years, BK's sales decline has been reversed.
Diageo chief executive Paul Walsh was tight-lipped on how it will dispose of the chain, but observers expect a management buyout soon.
Analysts think it could fetch UKpound 1.3 billion.
Underlying group half-year profits rose from UKpound 1.19...
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