The company plans to open approximately 1,175 new stores (650 company-operated locations and 525 licensed) in the US, down from an target of 1,600 units and from the 1,077 opened last year. About 100 underperforming units will be closed. The international growth plan has been revised upward by 75 units to about 975 stores, compared with 285 opened last year. New international markets will include Poland and Hungary.
"We are encouraged by the strong customer response in existing markets and the enthusiastic response in new markets," said Howard Schultz, chairman, president and CEO.
For 2009, Starbucks plans to open more than 1,000 stores internationally and less than 1,000 locations in the US, approximately 500 of which will be company-operated stores.
"This marks a significant crossover point in our growth strategy," said Pete Bocian, executive vice president and CFO.
The move is one part of a transformation plan that will be revealed at the chain's March 19 annual meeting. Another move is the elimination of warm breakfast sandwiches, whose aroma interferes with the scent of the chain's coffees.
Revenues were $2.8 billion, up 17% from the same period last year. Comparable store sales rose 1%, with a 1% decline in US comps offset by a 5% gain internationally. Net earnings totaled $208.1 million, a 2% increase over 2007.
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