Retailers, consumers and prices
Check Out Line: Sales up at Burger King, profit misses view
Check Out Burger King missing Wall Street views but saying sales grew 12 percent worldwide, with sales at restaurants open at least a year up 3 percent in the United States and Canada.
Lower-cost fast-food chains have benefited in the economic downturn, while higher-priced sit-down restaurant chains like Applebee’s and Chili’s Grill & Bar have been hit particularly hard, as consumers slash discretionary spending to adjust to falling home prices, a credit crunch and higher food and fuel costs.
Burger King maintained its forecast of opening 350 to 400 new restaurants next year, a sign it is hopeful hungry people in a hurry will continue to order items like the 11,500-store chain’s flame-broiled burgers, Big Fish sandwich and newer offerings like its Angus beef burger.
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(Added details on restaurant chains)