Coffee Retailer Starbucks Corp. raised its target for total number of stores worldwide from the previous goal of 30,000 to 40,000 on Thursday.
Company President and CEO Jim Donald made the announcement in a biennial meeting with analysts in Seattle. Starbucks plans to open a total of 20,000 in the U.S. and 20,000 internationally.
Donald expressed hope to have opened at least 17,000 stores in 40 countries by 2008. He estimated the companyâ€™s global revenue would reach more than $11 billion if the target is met.
Over the same two-year period, Donald is confident the company will continue to post annual revenue growth of 20 percent and earnings-per-share growth of 25 percent.