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Let’s Have Another Cup of Coffee

Starbucks reports 2200 new stores opened in last fiscal year

Published

18 years ago

October 9, 2006

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Starbucks Inc. (Seattle) announced that during its just-completed fiscal year, ended Oct. 2, 2006, it opened 2199 new stores, bringing its worldwide total to 12,440. That marked the first time Starbucks had ended a fiscal year with the addition of more than 2000 new stores.

For the fiscal year, Starbucks reported a 22 percent increase in revenues. The coffee retailer also reported a 6 percent increase in same-store sales in September. Surprised analysts had predicted same-store sales growth closer to 3.3 percent. Two months ago, in early August, Starbucks announced its lowest monthly same-store sales increase in more than four years. At the time, Starbucks blamed the slowdown on long lines caused by higher-than-expected summer demand for frozen drinks in the morning hours.

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