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Starbucks wants to open 2,100 new stores next year

Starbucks is planning to open 2,100 new stores globally next year.

The company laid out the plan in its fourth-quarter earnings release on Thursday. Starbucks (SBUX) added about 600 new stores in the most recent quarter and has over 29,300 restaurants overall.

CEO Kevin Johnson said that in 2019, the company will “focus on our long-term growth markets of the U.S. and China,” its two biggest markets.

The Seattle-based coffee chain announced in May it plans to build 3,000 new stores in mainland China over the next few years. It wants to almost double its number of coffee shops in the world’s second largest economy to 6,000 before the end of 2022.

Revenue grew to $6.3 billion in the quarter that ended in September, up 11% from the same time last year.

So far, it seems that the company’s strategy has been working. In that quarter, comparable store sales grew by 4% in the United States and 1% in China.

Shares of the company jumped around 9% after the bell in response to the positive earnings report.

 

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