Coffee giant, Starbucks Corporation ( SBUX - Analyst Report ) announced the launch of a new expresso beverage, Hazelnut Macchiato. This new addition to its signature four-layered Macchiato line of drinks will feature steamed velvety-smooth milk and perfectly balanced espresso. The Hazelnut Macchiato is available at participating Starbucks stores across the nation.

In addition, Starbucks announced that its Tribute Blend line of beverages will now be available in K-Cup packs.

Innovation is one of the key drivers of Starbucks’ success. Starbucks is strengthening its product portfolio with significant innovation around at-home coffee, refreshment, health and wellness, tea and enhancing core food offerings. Its recent new product offerings include Blonde Roast coffee, Verismo-at-home coffee machine, La Boulange bakery items, Evolution Fresh juices and Starbucks Refreshers energy drinks.

In addition, in December last year, Starbucks acquired Teavana, a specialty retailer of tea, which operates only through mall-based stores and does not have a beverage business. Starbucks plans to establish new stand-alone Teavana neighborhood stores (going beyond its mall-based focus) as well as open tea bars (which will create customized tea beverages) inside existing Teavana stores. By the end of 2013, Starbucks expects to add over 30 new Teavana stores, including the opening of the first neighborhood store.

Continued innovation and new product offerings would drive both top- and bottom-line growth for the company, going forward.

Other Stocks to Consider

Starbucks carries a Zacks Rank #3 (Hold). Some other retail/restaurant stocks worth considering include Red Robin Gourmet Burgers Inc. ( RRGB - Analyst Report ) – Zacks Rank #1 (Strong Buy), Krispy Kreme Doughnuts, Inc. ( KKD - Snapshot Report ) -Zacks Rank #2 (Buy), and Dunkin' Brands Group, Inc. ( DNKN - Snapshot Report ) - Zacks Rank #2 (Buy).