Starbucks sets sights on four new shops every day

Coffee giant Starbucks plans to open more than four outlets a day, every day next year as it spreads its latte-andcappuccino empire deeper in the US and around the world.

The target - flagged yesterday as the Seattle-based group said annual net profit jumped 46% to a record $391 million (?212 million) - should see 1500 new stores opened in the year to next October. This year it opened more than 1300. "We achieved remarkable financial results during 2004," Orin Smith, president and chief executive of the coffee powerhouse said at his final full-year results briefing.

In March Smith is set to hand the reins to Jim Donald, currently president of Starbucks' North America division.

The chain now has about 8500 stores

worldwide, with close to 6000 - or 70% - in its home market. It opened its first shop in 1971.

The bulk of next year's openings will be concentrated in the US, with plans for 550 company-owned locations and a further 525 licensed sites there. There will be 425 new stores abroad, most of which will be licensed.

Last month the company raised its long-term worldwide stores target to 30,000, but executives did not set out a timeframe.