Starbucks Corp. (NASDAQ:SBUX) unveiled its future strategy for the next five years, saying that the company is still in the “early days” of growth. The world’s largest coffee-shop chain said it plans to open 12,000 stores globally by 2021. The company expects China will surpass the U.S. as a bigger market in the future, planning to add 5,000 cafes in China. The expansion will bring the total store to be 37,000, representing a 48 percent increases from its current level.
The company also provides financial guidance for the next five years. It sees that revenue will grow at 10 percent annually, earnings per share will grow 15 percent to 20 percent, and comparable-store sales will rise by a mid-single-digit percentage. Last week, the company announced that Howard Schultz, Starbucks’s current chief executive, will hand over his title to company’s Chief Operating Officer Kevin Johnson in April.
“These are the early days of the growth and development of the company,” Schultz said during a presentation to investors. The company also plans to open 1,000 Reserve coffee roastery and tasting room, the company’s high-end coffee shops, by the end of 2017.
What’s more, the company now focus more on mobile technology and food, which were the main drivers of growth in the recent years. “Industry-leading innovation is driving our core business and creating further separation from competitors all around the world,” says CEO Howard Schultz.