X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MIAMI-Burger King executives plan to double the net restaurant openings in fiscal year 2008, citing positive results for fiscal year 2007, along with 154 net new restaurants. John Chidsey, CEO, said in a conference call Friday that the chain will open a net 300 new restaurants in the next 12 months, mostly in the international marketplace.

The company posted great numbers for the fiscal Q4 and the fiscal year. Worldwide comp sales were up 4.4% for the quarter and 3.4% for the fiscal year. Revenues for the fourth quarter were $590 million, up 11% from Q4 2006. For the year, the company reports revenues of $2.234 billion, an increase of 9% from the prior year. Executives credit opening all stores for late-night service and promotions that included hits such as Spiderman 3, The Simpsons and Spongebob Squarepants with the increase in sales.

Growth extended to the restaurant construction. The company opened 441 new Burger King stores in fiscal 2007, a 26% increase from the previous year. That translates to a net 154 stores, less than the company expected number of more than 200 restaurants. “This number is lower due to 25 delayed openings in Germany and the Middle East, and having to close 30 distressed locations in the United Kingdom,” Chidsey said in the call.

He said the company plans to increase new restaurant count to 300. “This upcoming year, we’ll have more restaurants operating than we ever have in the history of the brand,” Chidsey said. The company currently operates more than 11,200 restaurants worldwide, with about 90% of them operated by franchisees.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt. NET LEASE Awards 2021Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.