In contrast, Burger King was perceived by industry analysts as having significant problems. As a result, Burger King’s share price had fallen by half from 2008 to 2010. During fiscal year 2010 (ending June 30), Burger King earned $186.8 million on revenues of $2.50 billion. Although its total revenues had dropped only slightly from $2.54 billion in fiscal 2009 and increased from $2.45 billion in 2008, net income fell from $200.1 million in 2009 and $189.6 million in 2008. Even though same-store sales stayed positive for McDonald’s during the recession, they dropped 2.3% for Burger King from fiscal 2009 to
2010. In addition, some analysts were concerned that expenses were high at Burger King’s company-owned restaurants. Expenses as a percentage of total company-owned restaurant revenues were 87.8% in fiscal 2010 for Burger King compared to only 81.8% for McDonald’s in fiscal 2009.