Starbucks brews massive expansion plan

Culver said the Chinese market's track record of robust new store openings is expected to continue, with a net unit growth rate in the low teens starting in fiscal year 2022.

The company's global store portfolio is now expected to grow by about 6 percent on a net basis annually starting in fiscal year 2022, fueled by impressive new-unit investment returns.

While this is down from the previous range of 6 to 7 percent, this reflects the company's expanding store base.

By the end of the fourth quarter of the previous fiscal year, Starbucks China has reached a record 13.5 million active members across its 4,700 stores in China.

Digital transactions in multiple formats increased to 26 percent - more than double the prior year.

This November, the coffee chain invested $156 million to build the Starbucks Coffee Innovation Park. "Once completed, the Innovation Park will set the standard for our roasting and manufacturing network and allow us to take a big step forward toward achieving our company's planet-positive goals," Culver said.

The company has established the Starbucks China Foundation in Beijing in an effort to contribute to transform lives and uplift local communities.