Burger King’s net income fell 83 percent in the third quarter as the world’s second biggest hamburger chain sold off more of its restaurants to franchisees as part of a turnaround push. But the company’s adjusted results topped Wall Street expectations.
The private investment firm that owns a majority stake in the fast-food chain, 3G Capital, has been working to put the shine back in Burger King’s crown since purchasing it in 2010. In addition to unveiling its biggest-ever menu expansion and a celebrity-studded ad campaign this spring, the firm has been shifting to an entirely franchisee-owned model to cut down on overhead costs and boost profit margins
