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Burger King affirms 2008 profit guidance

By Associated Press
July 8, 2008 | Comments (0)

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Burger King Holdings Inc., the nation's No.2 hamburger chain, reaffirmed its 2008 profit and revenue guidance at an investor conference Tuesday.

During a webcast of the Oppenheimer 8th Annual Consumer Growth Conference, Chief Executive John Chidsey said the company expects earnings per share between $1.33 and $1.35 per share for the year.

Analysts polled by Thomson Financial expect profit of $1.35 per share.

Chidsey also said the company expects its revenue to grow 10 percent, implying revenue of about $2.45 billion. In 2007, the company reported revenue of $2.23 billion.

Analysts predict revenue of $2.44 billion.

During the webcast, Chidsey also said the company is continuing to work on remodeling its restaurants. He said the chain has between 330 and 350 restaurants that are more than 30 years old and it may take three to five years to remodel all of those locations.

Burger King shares rose $1.55, or 6.1 percent, to $26.70 in midday trading.

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