BKR, Operator of 'Burger King', Reports Operating Profit of 23.9 Billion KRW... Up 200%
Recovery to a Level Similar to 2021 Despite Intensified Competition
Sales Decrease by 1% to 745.3 Billion KRW
Accelerating Expansion of Tim Hortons Franchise Stores This Year
BKR, the operator of hamburger brand Burger King and coffee brand Tim Hortons, achieved solid growth last year by increasing its operating profit by more than 200%.
BKR announced on the 20th that it recorded an operating profit of 23.9 billion KRW last year. This figure represents a 203% increase compared to 7.9 billion KRW the previous year, recovering to a level similar to that of 2021. Sales were 745.3 billion KRW, a 1% decrease from 757.4 billion KRW the previous year.
BKR described this turnaround as particularly meaningful, given the intensified competition in the hamburger industry and the continuous rise in raw material prices.
To strengthen Burger King’s brand competitiveness, BKR introduced new management strategies last year, including relaunching popular menu items based on continuous consumer research and launching the super premium lineup ‘Originals by Burger King.’ Additionally, efforts have been made to expand the ‘All Day King’ lineup, which consists of value-for-money menu options, to broaden consumer choices.
Lee Dong-hyung, CEO of BKR, said, “Despite internal and external difficulties, our employees and franchisees united to successfully launch new lineups and relaunch popular menu items. Moving forward, we will continue to introduce various strategies to become a brand loved by customers, and we will also do our best to maintain continuous communication and coexistence with our franchisees.”
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Meanwhile, BKR, which newly introduced the Tim Hortons brand to the Korean market last year, will focus on expanding customer touchpoints this year. In addition, it plans to continuously expand the number of Burger King stores, which reached 480 as of February, and provide a more diverse brand experience through major store renovations.
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