Starbucks plans to open 2,100 new stores in 2019 after reporting an increase in revenue for the fourt quarter of 2018 Thursday.
The company announced the plans in its fourth-quarter earnings release where CEO Kevin Johnson said the company was "executing against a clear growth agenda, with a focus on our long-term growth markets of the U.S. and China" as it enters the 2019 fiscal year.
Revenue for the company increased to $6.3 Billion in the fourth quarter and it recorded consolidated net revenues of $24.7 billion for the fiscal year 2018.
Starbucks opened 604 net new stores in the fourth quarter and now operates 29,324 stores across 78 markets, according to the earnings report.
Comparable store sales grew by 4 percent in the United States and 1 percent in China for the quarter that ended in September.
"In Q4, Starbucks delivered improved sequential results in both our Americas and China/Asia Pacific segments. We also further set the stage for increased benefits from our ongoing efforts to streamline the company," Johnson said.
In June, the company announced plans to close 150 underperforming stores in the 2019 fiscal year as part of a streamlining effort including rapidly optimizing its U.S. store portfolio.
This article has been adapted from its original source.
Copyright © UPI, 2022. All Rights Reserved.