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Starbucks to Pour Record Profits Into Mobile Commerce and Innovation

The chain brought in over $16.4 billion this year.

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Coffee behemoth Starbucks is making an insane amount of money and CEO Howard Schultz plans on using the cash to boost its "mobile commerce" efforts. According to Nation's Restaurant News, the chain has ended the 2014 fiscal year with a net income of $2.1 billion. This year, revenue increased 11 percent, setting a new high of $16.4 billion. That's not surprising considering that Starbucks now has over 21,000 locations spread across 65 countries.

Schultz notes that the company will invest the money "where it counts most" including in "mobile commerce, innovation, in the customer experience and the partners who drive it and in the qualities of our coffees." The coffee chain is also talking about improving the quality of its coffee, no doubt in part to compete with third-wave coffee shops that have stolen some of its business.

The company has already begun to funnel money towards innovation and mobile commerce. Starbucks announced that by the end of this year it would launch mobile ordering in 150 stores in Portland, Ore. before a national roll out. Customers will be able to place and pay for their orders ahead of arriving at the store through the app. And if going to the store is too much for a customer, the chain revealed last week that it has plans to launch a delivery service. Plus, for the first time in five years, the chain will reslease a new drink nationwide. The Chestnut Praline Latte will hit stores November 12.

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