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Starbucks (SBUX, $87.84) unveiled a new strategy today to reinvent itself inside and out, and to expand around the world. Starbucks plans to spend roughly $450 million to put new equipment in its North America locations to speed up service, cutting down on labor-intensive processes for making drinks and food. It also announced improvements to working conditions and pay for Baristas amidst rising unionisation across Starbucks stores.
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The event, led by interim CEO Howard Schultz, presented actions and target investments in the company’s partners, customers, and stores which it expects to accelerate its long-term growth. Schultz introduced incoming CEO Laxman Narasimhan, who will officially join on October 1, 2022.
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The Seattle-based company is projecting earnings per share growth of 15% to 20% annually over the next three years, up from its prior long-term outlook given in late 2020. Global and US same-store sales are expected to rise 7% to 9% annually.