By Melodie Warner
Starbucks Corp. (SBUX) increased its five-year plan for U.S.
store openings, saying it will open more than 3,000 new stores in
the Americas and renovate thousands more.
The upscale coffee seller said at least half of the new stores
will be in the U.S., where fiscal 2012 revenue grew by 9%.
Starbucks had previously said it planned to open 1,000 new U.S.
stores.
As for China and Asia-Pacific, its fastest-growing retail-store
market, Starbucks said it will approach 4,000 stores by the end of
2013. The company also said China is on track to become the
second-largest market in 2014 and should have 1,500 stores in
2015.
Starbucks expects Europe, the Middle East and Africa to "achieve
meaningful revenue and profit growth over the next five years,"
said Michelle Gass, president of Starbucks Europe, Middle East and
Africa. "Our past performance is not indicative of the sizable and
profitable opportunity across EMEA."
Starbucks said it expects to have more than 20,000 retail stores
on six continents by 2014.
The company's consumer-packaged-goods business, Starbucks
Channel Development, has become the second-largest operating
segment with fiscal 2012 revenue growing 50% to $1.3 billion.
Starbucks expects to double its international Channel
Development footprint by 2015.
Starbucks agreed last month to acquire loose-leaf tea retailer
Teavana Holdings Inc. (TEA) in a roughly $620 million all-cash deal
as it continues its efforts to expand beyond its coffee core. This
year, it has acquired a bakery, bought a fresh juice company,
opened a retail store for its Tazo Tea brand, launched a line of
energy drinks and began selling its own single-serve espresso
brewer.
Write to Melodie Warner at melodie.warner@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires