“MIAMI (AP) — Burger King said Monday its third-quarter net income fell 83 percent as revenue was hurt by the stronger dollar, but adjusted results topped expectations.
The No. 2 worldwide fast-food chain said during the quarter, its first since returning to being a public company, revenue in stores open at least one year rose 1.6 percent in the U.S. and Canada, as it lost some business from value-based customers.
Competition in the fast-food industry has been intensifying, with rivals on the one hand like McDonald’s Inc. stepping up its dollar menu and other value-oriented offerings. On the higher-end side, customers are increasingly flocking to newer chains such as Panera Bread Co. and Chipotle Mexican Grill Inc., which offer higher-quality food for a little more money.”
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