American coffee chain Starbucks has announced its global expansion has reached a record pace.
The Seattle-based company opened 728 stores worldwide in the last quarter of 2006, a record amount that equals an average of 7 new store openings every day.
Starbucks' new store growth has also fuelled its financial expansion. The group reported a 22 per cent increase in revenue to $2.4 billion (£1.2 billion) during the quarter. Of this, $205 million (£102 million) was reported as profit, which translated to $0.22 (£0.11) per share on the US market - a rise of 18 per cent over the previous year.
Jim Donald, Starbucks president and chief executive, said: "Starbucks' strong revenue and comparable store sales growth this quarter clearly demonstrate the fundamental strength of our business.
"The record number of store openings during the period puts our aggressive 2007 store opening target within reach."
Mr Donald added that the chain explosion will continue as the chain endeavours to open stores in new areas. It will also continue expanding its food and beverage range to "continue to extend the Starbuck experience".
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