McDonald's 4Q net income jumps 11%

McDonald's

OAK BROOK, Ill. -- McDonald's says net income rose by 11 percent in the fourth quarter, as the fast-food giant continues to attract budget-conscious customers.

Net income of $1.38 billion translated to $1.33 per share, beating the $1.29 predicted by analysts polled by FactSet.

Revenue jumped 10 percent to $6.82 billion, slightly above expectations of $6.81 billion.

CEO Jim Skinner said the company, which is the world's largest burger chain, plans to open 1,300 new restaurants in the coming year, to add to the current roster of 33,100-plus locations around the world.

Burger King hopes home delivery will boost falling sales

Skinner also said McDonald's Corp. would continue to set aside money for renovating restaurants. The renovations have helped attract new customers, but have also needled some franchisees who had to pay some of the cost.