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Starbucks CEO Confirms Strong Growth Outlook

Jim Donald, president and CEO of Starbucks Coffee Company, attends the opening bell at the Nasdaq stock market in this Nov. 9, 2006 file photo in New York. Starbucks Inc., the largest specialty coffee retailer, reports earnings for the fiscal fourth quarter on Thursday, Nov. 16, 2006. (AP Photo/Mark Lennihan, File)
Mark Lennihan
Jim Donald, president and CEO of Starbucks Coffee Company, attends the opening bell at the Nasdaq stock market in this Nov. 9, 2006 file photo in New York. Starbucks Inc., the largest specialty coffee retailer, reports earnings for the fiscal fourth quarter on Thursday, Nov. 16, 2006. (AP Photo/Mark Lennihan, File)

Starbucks held its annual meeting Wednesday in Seattle, where the java giant vowed to turn up the heat.

Starbucks is up nearly 9% in the past week, but over the past year, the stock has lost more than 12%. CEO James Donald spoke with Maria Bartiromo on "Closing Bell" this afternoon with a closer look at today’s meeting and the company's plans for the future.

Starbucks reaffirmed its growth strategy at today’s annual meeting, where chairman Howard Schultz emphasized the importance of “coffee house sensibility”.

They still expect to earn $0.87 to $0.89 a share in 2007 and also expect same-store sales growth of 3-7%.

“We confirmed today that we are looking at 20% topline growth for 2007”, said Donald. When asked about the memo that was leaked to the media in February, Donald replied “It is Howard telling us to keep to our core as we grow big,” and added “what got us here is the experience and connections we have with our partners and customers.”