Burger King Franchisee Carrolls Posts $11.5 Million Net Loss
The largest Burger King franchisee in the U.S., Carrolls Restaurant Group Inc., announced a net loss of $11.5 million in the quarter that ended on March 31. The franchisee owns 1,010 Burger King and 55 Popeyes restaurants.
That’s compared to a loss $3.1 million, or 9 cents a share, in the year-earlier period, Carrols said in its earnings report issued Wednesday.
...Despite “solid” revenue growth, continued labor-cost “pressures” and promotional activity that accelerated during the second half of last year “negatively affected” restaurant level profitability on a year-over-year basis in the first quarter, according to Daniel Accordino, chairman and CEO of Carrols Restaurant Group. —Eric Reinhardt, Business Journal News Network