As the the coffee chain holds its' annual investor day, Starbucks said in a press release that it is aiming to double its market cap to $100 billion as part of its long-term growth targets. "We're still in the early stages of the growth and development of Starbucks, we're delivering record profits and revenue, sharing our success with our partners and heading towards and past a $100 billion market cap," said Howard Schultz, Starbucks' chairman, president and CEO. "No other brick-and-mortar retailer matches our size and growth profile nor the relevancy and strength of the Starbucks brand. Together we're building one of the world's most trusted, admired and enduring brands, and redefining the role of a public company while we do it. There has never been a more exciting time to be a Starbucks partner and shareholder."
Since November 2008, at the height of the financial crisis, Starbucks market cap has expanded from $5 billion to $57 billion, the release stated. Schultz returned to run the company he founded in January 2008.
Shares were rising 2.1% on Wednesday to $76.16, giving Starbucks a market capitalization of about $57.57 billion.
With more than 20,000 stores in 64 countries, Starbucks has gone from neighborhood coffee shop to a global mega-company, investing not only in coffee sourcing, but expanding the business to include more food options and is now looking to tea as a natural extension of its product line. Starbucks -- with Schultz at the helm -- has emerged as one of the leading U.S. companies today as it focuses on eco-friendly and employee-friendly strategies.
The company wants to "reinvent" the $90-billion global tea category, which Schultz says is "ripe for innovation."
Starbucks acquired Teavana on Dec. 31, 2012. Since the acquisition, Starbucks has opened nearly 40 new mall-based stores and announced plans to open more than 20 additional stores through the rest of fiscal 2014, it said in the release.
The company also plans to expand its Teavana Fine Teas + Tea Bar concepts to Chicago, Los Angeles and additional locations in New York City later this year.
Starbucks opened two of the concepts last fall in New York and Seattle, featuring handcrafted tea beverages, premium loose leaf teas, tea-inspired food offerings as well as tea merchandise.
--Written by Laurie Kulikowski in New York.