Customers leave a new outlet of Burger King in Shanghai on Monday. (Reuters)

Shanghai, June 27 (Reuters): Burger King Corp, the number-two fast-food brand to McDonald’s Corp, may float shares as early as next year as it returns to growth after years of restructuring, its top executive said on Monday.

The chain should also post its strongest gain in same-store sales ? a widely watched barometer in the fast-food sector ? since 1984 for its fiscal year to June 30, said chairman and chief executive officer Greg Brenneman.

“An IPO is the most likely exit” for the company’s current owners, said Brenneman, who was attending the opening of his first Chinese outlet, in the country’s commercial heart Shanghai.

“2006 would be the earliest, but by no means would I say that’s a definitive date,” he said. “The store count is taking off and is growing again for the first time in a long time.”

As part of an expansion drive, the US hamburger giant marked its late entry into a Chinese market dominated by McDonald’s and Yum Brands Inc’s KFC, which have been slugging it out in the country for over a decade.

Burger King, which operates more than 11,000 restaurants in 65 countries ? about a third of McDonald’s total ? had suffered in recent years from a lack of clear identity in consumers’ minds and shaky franchisee relations.

The chain is now owned by private equity investors Texas Pacific Group, Goldman Sachs Capital Partners and Bain Capital, which bought the brand for about $1.5 billion from British drinks giant Diageo Plc in 2002.

McDonald’s has a market capitalisation of almost $36 billion.

Prior to the buyout, the company suffered from a lack of direction that included an absence of major new initiatives ? both at home and abroad ? in the fast-changing and highly competitive industry. After several years restructuring under new ownership, the chain, with $12 billion in system sales for its last fiscal, is now returning to growth, Brenneman said.

Burger King’s initial foray into China marks part of a global effort as its owners attempt to fatten the company for an eventual sale.

Brenneman acknowledged the late arrival to the market for the 51-year-old Burger King chain, but cited a Chinese proverb that goes: “He who comes last is often first.”

“It seems a couple of our competitors got here before us,” he said. “But make no mistake, we are here for the long term.”

McDonald’s already has more than 600 outlets in China, one of the world’s fastest growing fast-food markets, and is aiming for 1,000 stores by 2008.

KFC was the first major fast-food chain in China when it opened a store at Tiananmen Square in the late 1980s. It now runs 1,300 stores nationwide.

Yum, whose brands also include Pizza Hut and Taco Bell, has previously said its China unit makes up about 15 per cent of total operating profit, with the number expected to grow to about 20 per cent in the near term.