Burger King Worldwide Inc. (BKW) announced the company expects its first-quarter adjusted profit per share to be approximately $0.171, growing over 45% compared to the prior year period. The company expects global comparable sales to decrease 1.5% for the first quarter, reflective of a more challenging environment and the impact of leap day. The company also announced planned changes to its senior management team.
Burger King expects its U.S. and Canada comparable sales growth to decrease 3.0%, due to tougher prior year comparisons, a challenging macroeconomic environment and heightened competitive activity. The company said its comparable sales growth in both the U.S. and Canada and worldwide was positive in March, as more compelling value offers resonated with consumers.
Analysts polled by Thomson Reuters expect the company to report first-quarter profit per share of $0.16. Analysts' estimates typically exclude special items.
The company announced, Bernardo Hees will continue to serve as Chief Executive Officer until the earlier of the completion of the acquisition of H.J. Heinz Company (HNZ) or July 1, 2013, at which point he will be appointed to the role of Vice Chairman, Board. Upon completion of the Heinz transaction, Hees will assume the new role of Chief Executive Officer, H.J. Heinz Company. Daniel Schwartz is appointed to the role of Chief Operating Officer. On July 1, 2013, Schwartz will be appointed to the role of Chief Executive Officer. The company noted that Hees will not be selling any BKW shares as a result of these changes.
Since 2010, Schwartz has served as the company's Chief Financial Officer. Joshua Kobza will succeed Schwartz as Chief Financial Officer. Kobza was previously Senior Vice President, Global Finance, responsible for treasury, financial planning and analysis and investor relations.
The company's Board declared a cash dividend of $0.06 per share, a 20% increase from the previous dividend declared on February 14, 2013. The Board also authorized the repurchase of up to $200 million of the company's common stock.
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