Starbucks CEO: We're going after the $90 billion tea market
Starbucks CEO Howard Schultz told CNBC on Friday that the giant coffee company wants to dominate the tea market the same way it conquered the global coffee market.
"We can do for tea what we've done for coffee," Schultz said during an interview on "Squawk on the Street," adding that he thinks the tea market is worth $90 billion.
The company is moving well past its latte-and-espresso roots—it plans to offer handcrafted sodas at 3,000 stores this summer, Schultz told CNBC, in addition to tea and alcohol. Starbucks bought Teavana in 2012, and it recently partnered with Oprah Winfrey for a collaboration on a tea flavor and merchandise.
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Starbucks saw sales pick up in the most recent quarter, the company said in its fiscal second-quarter earnings report Thursday. The Seattle coffee company's profit met analysts' expectations, with revenue falling behind forecasts.
Global sales at established stores rose 6 percent in the period, higher than what analysts expected.
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Schultz has also voiced plans to offer more lunch items and alcohol at select stores, in addition to Starbucks' breakfast sandwiches and pastries.
By CNBC's Jeff Morganteen.