Starbucks is continuing to thrive despite a lackluster economy. The coffee giant is raising its profit target for the coming fiscal year and says it plans to add 1,300 new stores around the world.
People may be feeling strapped these days, but they’re still indulging in lattes at Starbucks. The company says sales climbed 11 percent in the most recent quarter, and Starbucks expects revenue to grow as much as 13 percent next year.
R.J. Hottovy is an analyst for Morningstar who covers Starbucks.