Despite fourth quarter net income that was down 23 percent from last year, McDonald's is focusing on domestic and international growth with 1,000 new stores planned in the coming year, said McDonald's CEO Jim Skinner in the company's fourth quarter earnings conference call.
The company posted net income of $985.3 million for the quarter, down from $1.3 billion in the same period last year. For the year, net income was up 80 percent to $4.3 billion, compared with $2.4 billion for 2007.
The chain plans about 165 stores in the United States, 245 in Europe and 475 in Asian Pacific Middle East Africa.
"Last year we invested $2.1 billion of capital into the business, and consistent with our approach in the past few years, we plan to invest a similar amount in 2009 balanced between reinvestment and new restaurants," Skinner said. "And consistent with our philosophy to be better not just bigger, we expect to open restaurants each year at a pace that allows us to continue to invest in our existing base and capture new opportunities. We continue to manage our business well in the current environment, and I am optimistic about our outlook in 2009."
McDonald's will continue its focus on value and its beverage strategy. McCafe coffees are now offered in more than 7,000 restaurants, and Skinner said the rollout should be complete by mid-year. The company also plans to introduce smoothies, frappes and bottled drinks later this year.
