BK Plans 300 New Restaurants in Fiscal '08

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.