Fast food giant McDonald's has outlined plans to open 1,500 -1,600 new restaurants, in a move to expand retail network in 2014.
As part of the expansion plan, the company has earmarked $2.9bn - $3bn for openings as well as reimaging of over 1,000 existing locations.
McDonald's president and chief executive officer Don Thompson said while 2013 was a challenging year, the company began 2014 with a renewed focus on the global growth priorities that are most impactful to their customers
"We are uniting consumer insights with innovation and consistent execution to optimize our menu, modernize the customer experience and broaden accessibility to Brand McDonald's," Thompson added.
In its fourth-quarter, released 23 January, the company's net income increased to $1.397bn, from $1.396bn in the corresponding period a year ago.
Total revenues for the quarter rose to $7.093bn, as against $6.952bn in the prior year quarter while global comparable sales decreased by 0.1%, reflecting higher average check and negative comparable guest counts.
McDonald's is the world's largest chain of hamburger fast food restaurants, serving around 68 million customers daily in 119 countries.
