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Share Name | Share Symbol | Market | Type |
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Starbucks Corporation | NASDAQ:SBUX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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-13.80 | -15.59% | 74.69 | 74.68 | 74.69 | 76.99 | 72.67 | 75.85 | 66,612,727 | 00:59:43 |
Starbucks chairman and ceo Howard Schultz commemorates final Annual Meeting in current role; joins incoming ceo Kevin Johnson in highlighting company’s record performance since its IPO, unparalleled shareholder returns, and strong pipeline of innovation for future growth across coffee, tea, food, digital, China and partner investments
Starbucks announces plans to create more than 240,000 new jobs globally (68,000 in the U.S.) as it reiterates intent to open 12,000 new stores globally and 3,400 new stores in the U.S. by FY21, including 100 more Military Family Stores in the U.S. to support military communities
After accomplishing ambitious goals, Starbucks doubles down on hiring commitments – plans to expand current initiatives and hire 25,000 Veterans and Military Spouses by 2025 and 100,000 Opportunity Youth by 2020 in the U.S.
Starbucks shareholders elect Rosalind Brewer, former President and Chief Executive Officer of Sam's Club; Jørgen Vig Knudstorp, Executive Chairman of the LEGO Brand Group; and Satya Nadella, CEO of Microsoft Corporation, to the Starbucks Board of Directors
Starbucks Corporation (NASDAQ: SBUX) today hosted its 25th Annual Meeting of Shareholders, with more than 3,300 partners, shareholders, invited guests and board members in attendance. Howard Schultz, chairman and ceo of Starbucks, marked his last Annual Meeting of Shareholders in his current capacity of ceo and honored the accomplishments of the company in delivering record financial results, including approximately 18,000% in shareholder returns since the company’s Initial Public Offering 25 years ago, and more than $10 billion in cash to shareholders via dividends and share repurchases over the past five years alone. Coupled with its long history of creating opportunities for partners (employees) and investing in the communities it serves, Starbucks reinforced its long-term commitment to driving performance through the lens of humanity.
“Every hour of every day, someone somewhere is walking into one of our 26,000 Starbucks stores in 75 countries around the world. As we approach our 25th year as a publicly traded company, the Starbucks brand is as relevant today as it has ever been, driven by the 330,000 people who proudly wear the green apron,” said Schultz. “As I move into my new role as executive chairman, there is only one person who can lead us into the future. For his skill, his leadership, and above all, his love for the company, I am proud to call Kevin Johnson the next ceo of Starbucks. He is perfectly positioned to lead our brand into the future together with the strongest leadership team and board in the history of Starbucks. And yet, we are still in the early stages of growth as we strive to meet our highest growth aspirations for the company.”
Financial Highlights, Achievements
Starbucks highlighted the interdependence of business success with driving social impact at scale and cited Starbucks returns over the past five years – returning $10 billion of cash to shareholders via dividends and share repurchases, with an average growth rate of 23% over that period. In FY16, the company delivered record revenues of $21.3 billion (11 percent growth over FY15) and record non-GAAP earnings per share of $1.851 (17 percent growth on a non-GAAP basis1); $4.1 billion in non-GAAP operating income2 (12 percent growth on a non-GAAP basis2); and $3.2 billion returned to shareholders in the form of dividends and share repurchases. Starbucks also invested $322 million in healthcare and other benefits, $15M in helping partners achieve a college degree through the Starbucks College Achievement Plan, and $221.6 million in Bean Stock in FY16.
Innovation in Customer Experience and Partner Benefits
Kevin Johnson, who will become Starbucks ceo on April 3, reinforced Starbucks approach to elevating the brand across retail, channel development and digital through innovation, reaching new customers and creating new occasions for customer visits.
“For almost 50 years we have been in the human connection business, and in today's world the need and desire for that human connection has never been greater. With our growing store footprint all around the globe and the engagement of our partners, we will continue to deliver financial growth to our shareholders, opportunities for our partners, and connect with more and more customers around the world,” said Johnson. “At the heart of this growth is innovation across our business, and I’m fortunate to work alongside the best leadership team in the company’s history as we serve our partners, customers and shareholders to deliver the growth they have come to expect from us.”
Johnson also shared the following updates during the Starbucks Annual Meeting of Shareholders:
Advancing the Digital Flywheel Globally
Starbucks chief technology officer Gerri Martin-Flickinger and China digital vp Molly Liu addressed growth plans for the company’s digital flywheel around the globe. Starbucks continues to offer the largest and most robust mobile ecosystem of any retailer in the world, with over 13 million Starbucks Rewards members, approximately 9 million mobile paying customers, with one out of three now using Mobile Order & Pay, and more than $6 billion loaded onto prepaid Starbucks Cards in North America during 2016 alone.
Today, Starbucks announced the expansion of its Mobile Order & Pay platform to give customers more options to order their favorite Starbucks beverage while on the go, by leveraging its skill for Amazon Alexa announced earlier this year. Now, with the planned integration of Amazon Alexa and Ford vehicles later this year, Starbucks customers with a Ford car equipped with SYNC 3 will be able to order their favorite Starbucks beverage on the go by saying, “Alexa, ask Starbucks to start my order.”
Starbucks also shared more details on the expansion of My Starbucks® barista, now available to more than 100,000 customers across the U.S. Powered by groundbreaking Artificial Intelligence for the Starbucks Mobile App, customers can now place their orders via voice command or messaging interface, delivering speed and convenience. Starbucks continues to deliver innovation that enhances customer loyalty and engagement and further extends the accessibility of the Starbucks® Mobile App. The My Starbucks® barista is currently rolling out to iOS customers with Android™ users being added in subsequent releases.
Starbucks digital flywheel continues to gain momentum with the launch of true one-to-one personalization. While still early in the evolution of this service, Starbucks has delivered personalized offers to customers directly on the front of the screen of the mobile app, including the complete rollout of suggested selling and recommendations. Total Starbucks Rewards member spend is up over 20 percent versus last year, driven by member growth and higher spend per member, reflecting a more engaged member base that takes advantage of Mobile Order and Pay and personalized marketing offers and recommendations.
Starbucks also provided more detail on the important role that social gifting is playing in the overall customer experience. With the introduction of the Outlook add-in, customers can gift a favorite beverage to friends, colleagues and loved ones through Microsoft Outlook. Starbucks also unveiled the availability of gifting through Apple’s Messages app with Apple Pay beginning in April, expanding the platform and offering customers new ways to share the Starbucks Experience.
China Experiences Accelerated Growth, Grounded in Starbucks Brand and Innovation
In China, customers have continued to embrace the Starbucks brand, with some of the company’s most innovative, efficient and profitable stores producing record revenue and strong same-store sales growth in FY16. Starbucks now operates more than 2,600 stores in 127 cities in China and employs nearly 40,000 partners, opening over a store a day – a growth rate that will continue to accelerate well into the future. While Starbucks business in China is in its very early stages of growth, the company shared more detail on its new social gifting feature “用星说” (Say it with Starbucks) on Weixin, a sister product of WeChat targeting Chinese domestic users. Co-created by Starbucks and Weixin, this pioneering social gifting innovation encourages everyday acts of kindness and appreciation among family and friends, by enabling users to instantly and conveniently gift a Starbucks beverage or digital gift card. Starbucks has seen more than 1 million transactions on its social gifting platform since it launched in China on Feb. 10, and Weixin Pay has now reached 27 percent of tender in Starbucks stores in China.
Starbucks Doubles Down on Hiring Commitments
Starbucks announced plans to create more than 240,000 jobs globally (68,000 in the U.S.) as it highlighted its growth plans to open 12,000 new stores globally and 3,400 new stores in the U.S. by FY21.
Starbucks strong financial performance over the last 25 years as a publicly traded company has allowed for strategic investments in social impact initiatives – driving greater connection between partners and the millions of customers it serves in 75 countries worldwide. The company has already reached critical milestones for its hiring initiatives for Veterans, Military Spouses, and Opportunity Youth and announced plans on building on this progress by expanding its hiring goals as it continues to grow the U.S. business. Creating opportunities and building a diverse and inclusive workforce has been critical to meeting the company’s mission to inspire and nurture the human spirit – one person, one cup and one neighborhood at a time.
Starbucks Shareholders Elect New Board Members
The company’s shareholders elected Rosalind Brewer, former President and Chief Executive Officer of Sam's Club; Jørgen Vig Knudstorp, Executive Chairman of the LEGO Brand Group; and Satya Nadella, CEO of Microsoft Corporation, to the Starbucks Board of Directors, among other re-elected directors. The Starbucks Board of Directors now includes a total of 14 members. Additionally, James (Jamie) Shennan Jr., a Starbucks director since March 1990, retired from the Board effective immediately prior to the shareholder meeting in accordance with the company’s Corporate Governance Principles and Practices’ mandatory retirement age requirements.
Starbucks Annual Meeting of Shareholders began at 10 a.m. PT today, and will be live-streamed on Yahoo Finance at http://finance.yahoo.com/live/starbucks, and simultaneously available at http://investor.starbucks.com. A replay of the webcast will be available on the company’s website until Friday, Sept. 22, 2017. Please visit Starbucks Newsroom at http://news.starbucks.com to find images, video clips and live updates of the Annual Meeting of Shareholders.
About Starbucks
Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting high-quality arabica coffee. Today, with stores around the globe, the company is the premier roaster and retailer of specialty coffee in the world. Through our unwavering commitment to excellence and our guiding principles, we bring the unique Starbucks Experience to life for every customer through every cup. To share in the experience, please visit us in our stores or online at www.starbucks.com.
Forward Looking Statements
Certain statements contained herein are “forward-looking statements” within the meaning of the applicable securities laws and regulations. Generally, these statements can be identified by the use of words such as “anticipate,” “expect,” “believe,” “could,” “estimate,” “feel,” “forecast,” “intend,” “may,” “plan,” “potential,” “project,” “should,” “will,” “would,” and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These statements are based upon information available to Starbucks as of the date hereof, and Starbucks actual results or performance could different materially from those stated or implied due to risks and uncertainties associated with its business. These risks and uncertainties include, but are not limited to, fluctuations in U.S. and international economies and currencies, our ability to preserve, grow and leverage our brands, potential negative effects of incidents involving food or beverage-borne illnesses, tampering, contamination or mislabeling, potential negative effects of material breaches of our information technology systems to the extent we experience a material breach, material failures of our information technology systems, costs associated with, and the successful execution of, the company’s initiatives and plans, the acceptance of the company’s products by our customers, the impact of competition, coffee, dairy and other raw materials prices and availability, the effect of legal proceedings, and other risks detailed in the company filings with the Securities and Exchange Commission, including the “Risk Factors” section of the Starbucks Annual Report on Form 10-K for the fiscal year ended October 2, 2016. The company assumes no obligation to update any of these forward-looking statements.
1 Non-GAAP EPS. FY16 GAAP EPS of $1.90 includes ongoing amortization of acquired intangible assets and transaction and integration costs related to the Starbucks Japan acquisition (+$0.04 per share), additional domestic manufacturing deductions claimed on our consolidated tax returns (-$0.01 per share) and the impact from the extra week in our 53-week fiscal 2016 (-$0.09 per share). The income tax effect for FY16 non-gaap adjustments was +$0.02 per share. The FY16 EPS growth rate is calculated over FY15 non-GAAP EPS of $1.58. FY15 GAAP EPS of $1.82 includes certain Starbucks Japan acquisition-related items, specifically the gain resulting from a fair value adjustment of Starbucks preexisting 39.5% ownership interest in Starbucks Japan (-$0.26 per share) and expenses related to ongoing amortization of acquired intangible assets and transaction and integration costs (+$0.04 per share). In addition to the Starbucks Japan acquisition-related items, FY15 GAAP EPS includes a loss related to the redemption of the company's $550 million of 6.250% 2017 Senior Notes (+$0.04 per share). The income tax effect for FY15 non-gaap adjustments was -$0.02 per share; we also had an incremental tax benefit related to additional domestic manufacturing deductions claimed on our consolidated tax returns (-$0.04 per share).
2 Non-GAAP Operating Income. FY16 GAAP operating income of $4,171.9 million includes expenses of $57.4 million related to certain Starbucks Japan acquisition-related items, specifically amortization of acquired intangible assets and transaction and integration costs, and expenses of $2.8 million incurred on the sale of our Germany retail operations. The FY16 operating income growth rate is calculated over FY15 non-GAAP operating income of $3,655.6 million. FY15 GAAP operating income of $3,601.0 million includes expenses of $54.6 million related to certain Starbucks Japan acquisition-related items, specifically amortization of acquired intangible assets and transaction and integration costs.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170322005777/en/
Starbucks CorporationInvestor Relations:Tom Shaw, 206-318-7118investorrelations@starbucks.comorMedia:Linda Mills, 206-318-7100press@starbucks.com
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