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News Summary: Burger King profit up, revenue sinks

The Associated Press

In this Thursday, April 25, 2013, photo, a pedestrian walks past a Burger King restaurant near downtown Los Angeles. Burger King reports their quarterly earnings on Friday, April 26, 2013. (AP Photo/Nick Ut)

PROFIT UP: Burger King's first-quarter earnings more than doubled even though revenue fell, as the fast-food chain took steps to reduce its restaurant-related expenses by selling more company-owned outlets to franchisees.

HOW'S THAT?: That move lowers Burger King's Worldwide Inc.'s overhead costs. Instead of booking sales from those restaurants, that means Burger King would collect franchise fees instead.

REVENUE DIP: Burger King said competition and a strong first quarter last year hurt U.S. and Canadian sales comparisons to this year's quarter. It said sales from those countries rallied in March due in part to promotions like the $1.29 Whopper Jr.