Want to Grow Your Money? Buy Starbucks

This morning ritual may sound familiar these days. Needing to take a break while you work from home, you drive to a Starbucks (NASDAQ: SBUX) to quickly grab a pumpkin spice latte, one of the coffee chain's most popular drinks. The company is almost ubiquitous around the globe with more than 18,000 stores in the U.S. and 14,000 in the rest of the world. Its growth has been remarkable: Starbucks had 16,858 stores at the end of fiscal 2010, but it wrapped fiscal 2020 with almost double that number, good for a compound annual growth rate of close to 7%.

The company is far from finished, though. During its biennial Investor Day on Dec. 9, CEO Kevin Johnson outlined the company's ambitious growth plans for the next decade, while CFO Patrick Grismer reaffirmed the company's guidance for fiscal 2021 and growth rates for 2023 and 2024. Starbucks, which will be celebrating its 50th anniversary next year, still believes it has a long runway of growth and the resources to make it happen.

Image source: Getty Images.

Source Fool.com