Burger King 2011 Annual Report Download - page 56

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Table of Contents
Key Business Metrics
Successor Combined Predecessor
2011
Transition
Period Fiscal 2010 Fiscal 2009
Systemwide sales growth 13.2% 22.6% 40.4% (4.9)%
Comparable sales growth
Company 7.1% 4.8% 3.0% 10.5%
Franchise (0.7)% 1.2% 3.6% 6.7%
System (0.4)% 1.3% 3.6% 6.7%
NRG
Company 6 4 11 7
Franchise 69 65 63 54
System 75 69 74 61
Net Refranchisings (trailing twelve months) — (35) (35) —
Restaurant counts at period end
Company 67 61 62 16
Franchise 841 772 745 717
System 908 833 807 733
2011 compared to 2010
Company restaurants
Company restaurant revenues increased due to the acquisition of 35 restaurants in Singapore during Fiscal 2010, Company NRG, the effects of Company
comparable sales growth and favorable FX impact.
CRM % increased primarily as a result of the leveraging effect of comparable sales growth on our fixed occupancy and other operating costs and improved
food margins resulting from the acquisition of 35 restaurants in Singapore during Fiscal 2010, where food costs are lower than those in other Company restaurant
markets in the segment. These factors were partially offset by statutory wage rate increases in Singapore.
Franchise and Property
Franchise and property revenues increased due to royalties derived from franchise NRG, partially offset by negative franchise comparable sales growth
and unfavorable FX impact. Franchise and property expenses increased due to the impact of acquisition accounting, including a $2.3 million increase in franchise
agreement amortization to $2.5 million.
Segment income and segment margin
Segment income and margin increased due to an increase in CRM and CRM%, franchise and property income and a decrease in Management G&A.
Transition Period compared to the Six Months Ended December 31, 2009
Company restaurants
Company restaurant revenues increased due to the acquisition of franchise restaurants in Singapore in March 2010, the effects of Company comparable
sales growth, Company NRG and favorable FX impact.
CRM % increased due to an increase in the number of restaurants primarily due to the acquisition of 35 restaurants in Singapore during March 2010,
improved labor efficiencies and the leveraging effect of comparable sales growth on our fixed labor and occupancy and other operating costs.
55
Source: Burger King Holdings Inc, 10-K, March 14, 2012 Powered by Morningstar® Document Research℠