The first Starbucks store in Rome overlooks Piazza Montecitorio, the historic and political heart of the ‘Eternal City’.&nbsp; Starbucks has exciting plans for the capital beyond the opening of Montecitorio, including two new store openings in Roma Termini Station at the end of May, creating a total of 45 new jobs.&nbsp;

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Rome, May 10, 2023 - Starbucks is opening in Italy’s capital city tomorrow in partnership with Percassi, Starbucks exclusive Italian licensee partner, in Piazza Montecitorio - the historic and political heart of the ‘Eternal City’. This will be Starbucks 25th store in Italy, part of a broader expansion plan to bring the unique Starbucks Experience to even more Italian customers.&nbsp;&nbsp;

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Since entering the Italian market in 2018 with the Starbucks® Reserve Roastery in Milan, around 450 jobs have been created and more are on the way: by the end of 2023, there will be 36 Starbucks stores in Italy in total. At the end of May, two more stores will also open at Termini Station: a grab&amp;go in the basement and a store on the terrace, to welcome tourists, commuters and locals when they arrive in Rome.&nbsp;

Starbucks has always strived to be a company that puts partners (employees), customers and coffee at the centre. First entering the Lazio region in 2022 with the opening of Castel Romano, Piazza Montecitorio marks Starbucks' 25th opening in Italy. Rome is one of three Italian cities, besides Milan and Verona, where Starbucks founder Howard Schultz first encountered Italian coffee culture in 1983.&nbsp;

“We are thrilled to open our first store in the center of Rome, with even more exciting plans to come for the capital. Tomorrow’s opening will be the first in a series of wonderful surprises for the city”, Matteo Morandi, CEO of Percassi Retail, comments. “Lazio is a very important region for Starbucks, and we celebrated our first opening in the province of Caserta last month, reaffirming our long-term commitment to continued growth in Italy.”&nbsp;

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The shop in Montecitorio, which will create 35 new jobs, has an area of 200 square metres on two floors, and 80 seats with a view of the Chamber of Deputies. The materials chosen recall the colour shades of Piazza Montecitorio. The ground floor is the liveliest and most dynamic area, made of travertine marble and tuff, typical of traditional Roman buildings, where customers can order their favourite food and drink, to be enjoyed on the floors of the store in comfortable seats surrounded by artworks on the walls. The upper floor has been designed with a more muted colour palette and offers a quieter space to enjoy the best traditional Starbucks experience.&nbsp;

“Coffee culture is very deep-rooted in Rome, with espresso being the most popular beverage”, comments Vincenzo Catrambone, General Manager of Starbucks Italy. “Even in Starbucks stores in Italy, the most bought drink is espresso, while younger generations love Starbucks cold beverages and iced coffee. We are always working to create unique food and beverage proposals for our Italian customers during the seasons along the year, to continue to meet their needs and amaze them.”&nbsp;&nbsp;

Food offerings include both bakery and salad items, as well as desserts. The menu also includes the brand new Oleato™ beverages made from Starbucks finest arabica coffee infused with extra virgin olive oil, which first launched in Italy in February and are now available in stores in the US, Japan and the UK. Drinks from the recently launched summer menu including Starbucks Refresha® Drink and seasonal Frappuccino® Blended Beverages will also be available.&nbsp;

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Follow us on our <a href="https://www.instagram.com/starbucksitalia/?hl=en" target="_blank" rel="noreferrer noopener">Instagram</a> and Facebook channels to stay updated on new store opening dates. Stay tuned!&nbsp;

LOCATION: Starbucks Piazza Montecitorio&nbsp; ADDRESS: Via della Guglia 56°-57-58-59, 00186 Roma&nbsp; OPENING TIMES: Monday - Sunday from 7 a.m. to 9 p.m.&nbsp;

LOCATION: Starbucks Stazione Roma Termini&nbsp; ADDRESS: Piazza dei Cinquecento, 00185 Roma&nbsp; OPENING TIMES: Monday - Sunday from 6 a.m. to 10 p.m.&nbsp;

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About Starbucks® Coffee Company&nbsp;

Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting high-quality arabica coffee. Today, with stores around the globe, Starbucks 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 <a href="https://stories.starbucks.com/" target="_blank" rel="noreferrer noopener">https://stories.starbucks.com/</a> and <a href="http://www.starbucks.com/" target="_blank" rel="noreferrer noopener">www.Starbucks.com</a>. &nbsp;

About Percassi Group&nbsp;

Percassi is a company whose activities include the development and management of franchising networks for major brands (such as Gucci, A|X Armani Exchange, Saint Laurent, Nike, Jordan, Victoria's Secret, Bath&amp;Body Works, LEGO, Garmin in the fashion-beauty and consumer sectors, and Starbucks in the food sector). Percassi is also active in the management of its own brands (KIKO Milano, Womo and Bullfrog in the cosmetics sector, DMAIL, Atalanta in the sports sector, Da30Polenta in the food industry). In the food service industry Percassi also manages, in partnership with the Cremonini Group, the brands Wagamama, Casa Maioli and Caio Antica Pinza Romana. Percassi also operates in the real estate sector for the realisation of important real estate projects in the commercial and management sectors. For further information: <a href="http://www.percassi.com/" target="_blank" rel="noreferrer noopener">www.percassi.com</a>&nbsp;

Press Releases

Press Releases - Starbucks Stories

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Starbucks Stories

Starbucks Corporation

The first Starbucks store in Rome overlooks Piazza Montecitorio, the historic and political heart of the ‘Eternal City’. 

A room with a view for the first Starbucks opening in Rome

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SEATTLE – Starbucks Corporation (Nasdaq: SBUX) today reported financial results for its 13-week fiscal second quarter ended April 2, 2023. GAAP results in fiscal 2023 and fiscal 2022 include items that are excluded from non-GAAP results. Please refer to the reconciliation of GAAP measures to non GAAP measures at the end of this release for more information.

For the full press release, please visit our Investor Relations site <a href="https://investor.starbucks.com/2Q23-Earnings-Release/" target="_blank" rel="noreferrer noopener">here</a>.

“I am very pleased with our Reinvention progress and grateful for the opportunity to fully immerse into the company, which I formally took over on March 20, 2023. It is a privilege to have learned from our founder and partners around the world,” commented Laxman Narasimhan, chief executive officer. “From my immersion observations, our leadership team now has a clear line of sight into our growth headroom, as well as our opportunities to enhance margins and modernize the business, brand, partner experience and culture of Starbucks. As we strive to continue to be a different kind of company, we will unlock our limitless possibilities to meet the needs of today and, importantly, the future of Starbucks,” Narasimhan added.

“I am so proud of our outstanding second quarter performance, underscoring strength in both topline and margin globally. This momentum was made possible by the investments we are making in our stores and partners, and allowed us to continue unlocking capital to further reinvest in our business,” commented Rachel Ruggeri, chief financial officer. “As we begin on this next step in our journey, I’m confident that, together with our partners, our execution against our Reinvention plan and broader strategies will position us in our new era,” Ruggeri added. 

“In support of our Reinvention Plan, and as part of our ongoing efforts to transform our store portfolio, we continue to open, close and evolve our stores as we assess, reposition and strengthen our store portfolio. We are pleased to have opened over 100 net new stores in North America during the quarter and are excited to now have nearly 17,500 stores across the segment,” commented Sara Trilling, executive vice president and president of Starbucks North America. “International added more than 360 net new stores and continues to grow in-line with our ambitious expectations,” added Michael Conway, group president, International and Channel Development.

Two female Starbucks baristas standing behind the point of sale.

Starbucks today reported financial results for its 13-week fiscal second quarter ended April 2, 2023.

Starbucks Reports Q2 Fiscal 2023 Results

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Japan is Starbucks third global market to introduce Oleato™ beverages, bringing together the unexpected combination of high quality arabica coffee and Partanna® extra virgin olive oil as “The New Coffee Ritual”

Starbucks announced today the launch of an innovative line of coffee beverages called “Oleato™” an innovative alchemy of Starbucks® finest arabica coffee infused with Partanna® extra virgin olive oil on Thursday, April 20, 2023 at more than 60 select stores across Japan including Starbucks Reserve® Roastery Tokyo.

Following the February debut of&nbsp;<a href="https://stories.starbucks.com/press/2023/introducing-starbucks-oleato-a-revolutionary-new-coffee-ritual/">Oleato™ beverages in Italy</a> and March launch at the Starbucks Reserve® Roasteries in Chicago, Seattle and New York, and <a href="https://stories.starbucks.com/press/2023/starbucks-oleato-beverages-arrive-at-select-stores-in-the-us/">select stores in the United States</a>, Starbucks third global launch market for the beverage line will be in Japan, where Starbucks began its journey as a global brand outside the North America more than 26 years ago.

Like the iconic Starbucks latte, the origin of Oleato™ beverages began in Italy. While travelling in Italy in the summer of 2022, Howard Schultz, chairman emeritus and board member, Starbucks Coffee Company, came across a generations-old family tradition of enjoying a spoonful of extra virgin olive oil each day as an uplifting ritual. Today, the founder joins partners (employees) and customers in Tokyo for the unveil of this new, transformational ritual in coffee to Japan.

“Since we first launched in Milan and now in select U.S. markets, the partner pride and customer enthusiasm for Oleato™ has far exceeded our expectations. As we introduce this new coffee innovation to Japan, my time here this week in Tokyo reminds me of the enduring and global relevancy of community, connection, and passion for both coffee and craft,” said Schultz. “We are thrilled to introduce to the Japanese market the next revolution in coffee that brings together an alchemy of nature’s finest ingredients – Starbucks arabica coffee beans and Partanna cold pressed extra virgin olive oil. Oleato™ has opened our eyes to fresh new possibilities for Starbucks.”

“We are excited to bring Starbucks latest beverage innovation to customers in Japan,” said Takafumi Minaguchi, chief executive officer, Starbucks Japan. “Our customers are eager to explore new ways to enjoy their Starbucks Experience. We believe that this transformational innovation of two unexpected ingredients will exceed their expectations and uplift their cup with an extraordinary new flavor.”

Oleato™ beverages are a line of innovative coffee beverages that brings together the unexpected – Starbucks arabica coffee deliciously infused with a spoonful of Partanna cold pressed, extra virgin olive oil. The harmony made possible by the unexpected combination results in a velvety smooth, delicately sweet, and lush coffee that uplifts each cup with extraordinary new flavor and texture. Using only extra virgin olive oil thoughtfully selected and blended to pair perfectly with Starbucks coffee, Oleato™ beverages provide a new coffee ritual like no other.

With its uniquely nutty and slightly sweet flavors and the rich smoothness of a buttery caramel, Partanna olive oils are natural complements to Starbucks coffee. Whether enjoyed hot or cold, the surprisingly luxurious, textural experience is like none other.

Taku Shimizu, group manager, Beverage Development, leading the introduction of Oleato™ beverages to Japan said, “I was thrilled about the launch in Japan of Oleato™ which brings together an alchemy of nature’s finest ingredients, coffee and olive oil. We’ve exercised our creativity to find a way to introduce Oleato™ beverages to Japan while keeping the surprising and inviting experience of its Italian inspiration. With these unique flavors and textures, I am confident that the delicious experience of Oleato™ beverages made possible by Starbucks innovation will become a new coffee ritual of our customers.” 

The following Oleato™ beverages will be available at select stores in Japan starting April 20:

Oleato™ beverages available at the Starbucks Reserve® Roastery Tokyo and select Starbucks Reserve® stores

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Oleato™ beverages available at select stores across Japan

Since opening its first store in Ginza in 1996, Starbucks has opened more than 1,800 stores in Japan, operated by more than 51,000 partners who proudly wear the green apron. Starbucks continues to provide a premium Starbucks Experience to customers across Japan, with locally-relevant beverages like matcha and tea beverages, as well as innovations like seasonal Frappuccino® blended beverages. In 2019, Starbucks opened the Starbucks Reserve® Roastery Tokyo, a fully-immersive tribute to premium coffee quality, innovation and human connection, where extraordinary new coffee experience come to life for customers every day.

Oleato™ beverages arrive at select Starbucks stores in Japan on April 20 - Starbucks Stories

Oleato™ beverages arrive at select Starbucks stores in Japan on April 20

Japan is Starbucks third global market to introduce Oleato beverages, bringing together the unexpected combination of high quality arabica coffee and Partanna extra virgin olive oil.

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Oleato beverages arrive at select Starbucks stores in Japan on April 20

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Japan is Starbucks third global market to introduce Oleato™ beverages, bringing together the unexpected combination of high quality arabica coffee and Partanna® extra virgin olive oil.

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Starbucks expands Greener Store program to 3,500 stores in 20 markets, advancing progress toward&nbsp;resource positive goals&nbsp;

First-in-region Greener Stores certified for Starbucks Asia Pacific (AP) and Europe, the Middle East and&nbsp;Africa (EMEA)&nbsp;

SEATTLE - Starbucks has certified its 3,508 Greener Stores globally, expanding the&nbsp;program to 20 markets, with many first-in-market Greener Stores across Asia Pacific, Europe, the Middle&nbsp;East and Africa, and Latin America and the Caribbean. Greener Stores are just one example of how&nbsp;Starbucks is working to reduce its environmental impact and build a more sustainable future for its&nbsp;communities and the planet. This latest round of certifications sets the company well on its way to&nbsp;achieving its goal of 10,000 Greener Stores globally by 2025.&nbsp;

Starbucks Greener Stores Framework, co-developed with the World Wildlife Fund, includes a set of 25&nbsp;performance-based standards across environmental impact areas such as energy efficiency, water&nbsp;stewardship, and waste diversion. Each Greener Store has a different combination of sustainable&nbsp;features that help it receive its third-party verification. Some stores have obvious elements like solar&nbsp;panels or water recycling tanks. While others have less obvious features behind the counter like high&nbsp;efficiency appliances, low-emitting paint and sealants, recycling tampers, and energy efficient HVAC&nbsp;temperature systems. &nbsp;

Daily practices by partners (employees) are also a key factor in Greener Store certification and many of&nbsp;the standards were influenced directly by partner ideas and feedback. A partner favorite in North&nbsp;America, the Starbucks Waste and Recycling App guides partners on how to best recycle, compost, and&nbsp;donate store materials and perishable food through Starbucks FoodShare program. &nbsp;&nbsp;

In the United States, Starbucks Greener Stores practices have saved the company almost $60 million in&nbsp;annual operating costs, including 30% water savings and 30% energy reduction when compared to&nbsp;historic store practices. In markets around the world, Greener Stores energy and water savings and&nbsp;waste diversion help advance the company’s goal to reduce carbon emissions, water usage and landfill&nbsp;waste by 50% by 2030.&nbsp;

“With a company of Starbucks scale – any one action, no matter how small, has the potential for&nbsp;massive impact,” said Michael Kobori, Starbucks chief sustainability officer. “I’m so proud to see our&nbsp;Greener Stores framework continue to scale for good globally. The program we have created will&nbsp;continue to move us closer towards our resource positive goals.” &nbsp;

Global Expansion of Greener Stores&nbsp;

Today, Starbucks announces Greener Stores for the first time in two new regions – Asia Pacific (AP), and&nbsp;Europe, Middle East, and Africa (EMEA)– as the company continues its global expansion of the Greener&nbsp;Store framework to leverage its scale for good to accelerate the global movement towards a more&nbsp;sustainable future. In addition, Starbucks is expanding in Latin America and the Caribbean (LAC) by&nbsp;building all new stores in the region under the Greener Stores framework by the end of 2023 and going&nbsp;forward. &nbsp; &nbsp;

“Thoughtful partnerships and continued collaboration are the key to a sustainable future,” Kobori. “Our&nbsp;own Starbucks partners’ energy and passion for sustainability has been a driving force to push us every&nbsp;day. They’re also core to the success of this program and the reason why we’ve seen great adoption of&nbsp;our Greener Store standards globally.”&nbsp;

Still images of the LA Greener Store of the year for Earth Week.

Starbucks expands Greener Store program to 3,500 stores in 20 markets, advancing progress toward resource positive goal.

Starbucks verifies 3,500 Greener Stores globally - Starbucks Stories

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Lerman brings over three decades of experience in both private and public sector legal and regulatory affairs, global security, and ethics and compliance

SEATTLE – Starbucks Coffee Company (NASDAQ: SBUX) today announced the appointment of Brad Lerman as executive vice president and general counsel following an extensive internal and external search. Lerman will serve on the executive leadership team, reporting directly to chief executive officer, Laxman Narasimhan, effective April 17, 2023.

Lerman joins the company with over three decades of legal and regulatory experience in both the public and private sector. Most recently, Lerman was Senior Vice President, General Counsel and Corporate Secretary of Medtronic, a healthcare technology provider, where he led the global legal function, government affairs and the office of ethics and compliance across the U.S., South America, Europe and Asia. He has also served in similar leadership roles at the Federal National Mortgage Association and Pfizer, where he led the company’s litigation and investigations teams. Lerman’s background also includes more than two decades as a private practice litigation and intellectual property attorney advising leading consumer brands, eight years as an Assistant U.S. Attorney, and as an adjunct professor at Northwestern University School of Law. He also currently serves on the board of directors of McKesson, a leader in healthcare services.

“Through my immersion at Starbucks, I quickly learned we have a highly skilled team of partners (employees) that make up our Law and Corporate Affairs team,” said Laxman Narasimhan, chief executive officer. “We are excited to welcome Brad who brings a tenure of experience leading companies through some of their most challenging issues across international markets and working closely with regulators around the world. His expertise in both the public and private sectors will strengthen our decision making, protect and advance the business and brand of Starbucks in the markets in which we operate, and further develop our legal and compliance talent. I want to thank Zabrina Jenkins, our acting general counsel, for her exceptional leadership and invaluable contributions during her time in the role.”

“To serve the partners of Starbucks, one of the world’s most admired brands, is a true honor,” said Brad Lerman. “The strength of Starbucks leadership team and board of directors, coupled with the talented Starbucks Law and Corporate Affairs team, is what excites me most as we look to advance a bold mission and vision for the future of Starbucks.”

Following a six-month immersion, Narasimhan officially took the reins&nbsp;as ceo on March 20, 2023, making today’s announcement one of his first following a declaration of Starbucks as a company with limitless possibilities at this year’s <a href="https://stories.starbucks.com/stories/2023/top-takeaways-from-starbucks-2023-annual-meeting-of-shareholders/">Annual Meeting of Shareholders</a>.

About Starbucks

Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting high-quality arabica coffee. Today, with more than 36,000 stores worldwide, 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 stories.starbucks.com or <a href="http://www.starbucks.com/">www.starbucks.com</a>.

Brad Lerman brings over three decades of experience in both private and public sector legal and regulatory affairs, global security, and ethics and compliance.

Starbucks Appoints Brad Lerman as Executive Vice President and General Counsel

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SEATTLE – Starbucks (NASDAQ: SBUX) announced, effective today, Laxman Narasimhan has assumed the role of chief executive officer and will join the company’s board of directors. Narasimhan was named incoming ceo on <a href="https://stories.starbucks.com/press/2022/starbucks-names-laxman-narasimhan-as-next-chief-executive-officer/">September 1, 2022</a>, succeeding company founder and now former ceo, Howard Schultz.

Following the global search for the new leader of Starbucks, Narasimhan joined the company as incoming ceo on October 1, 2022, bringing nearly <a href="https://stories.starbucks.com/leadership/laxman-narasimhan/">30 years of experience</a> leading global consumer goods businesses and advising retail, grocery, restaurant and e-commerce companies. Over the past five months, he has embarked on a unique immersion experience, traveling to work with partners (employees) in over 30 stores, manufacturing plants and in support centers around the world, earning his barista certification along the way. He became immersed in the reinvention plans for the company led by Schultz who returned as interim ceo effective April 4, 2022.

Since Schultz returned last year, Starbucks unveiled a company-wide reinvention strategy and continued to deliver on more than $1 billion in investments in retail partners and stores for prioritized areas such as increased pay and sick time accrual, new financial well-being benefits, modernized training and collaboration, store innovation and equipment and the celebration of coffee.&nbsp;The company saw a 47 percent stock price increase since the Q2 FY22 earnings call through the Q1 FY23 earnings call, and market cap growth of approximately $40 billion during that same time. The company also delivered 50 percent in Total Shareholder Return in this time period, far outpacing the S&amp;P 500.&nbsp;Starbucks was also most recently named the most valuable restaurant brand for the 7th consecutive year by <a href="https://brandirectory.com/rankings/restaurants/" target="_blank" rel="noreferrer noopener">Brand Finance</a>.

Schultz shared a letter to the company’s senior leadership team on the eve of the announcement – viewable <a href="http://stories.starbucks.com/press/2023/you-are-the-future-of-starbucks-howard-schultz-letter-to-leaders-as-he-steps-down/">here</a>.

“The board wants to express our sincerest thanks to our founder, Howard Schultz, for selflessly picking up the leadership mantle when asked—forgoing compensation and putting aside his own pursuits—for the love of our company and its partners,” said Mellody Hobson, Independent Starbucks Board of Directors chair.&nbsp;“We would not be where we are without him.”

Narasimhan officially assumes the role of chief executive officer today and will lead Starbucks Annual Shareholder Meeting this Thursday, March 23. As he ascends into the role, Narasimhan will continue engaging the leadership team, sharing his early learnings and insights and assessing opportunities for the company as they chart a path forward.

“Laxman’s intensive immersion into the business coupled with his extensive experience as a proven brand builder, innovator and operator have uniquely prepared him to lead Starbucks into its next phase of growth,” said Hobson. “This immersion has deepened Laxman’s understanding of Starbucks culture and values. In this time of learning and listening, he has already won the hearts and minds of our partners around the world.”

“I am humbled to officially step into my role as Starbucks chief executive officer, leading our incredible team of more than 450,000 green apron partners around the world. The foundation Howard has laid – building from scratch an iconic global brand fueled by a lasting passion to uplift humanity – is truly remarkable, and I am honored to have the opportunity to build on this deep heritage,” said Narasimhan. “As a human connection business, we have limitless possibilities to deliver for our partners, our customers, our investors and our communities through every cup and every connection. I am excited to work alongside our partners worldwide to unlock the limitless future of Starbucks.”

Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting high-quality arabica coffee. Today, with more than 36,000 stores worldwide, 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 stories.starbucks.com or <a href="http://www.starbucks.com">www.starbucks.com</a>.

Forward-Looking Statements

Certain statements contained herein are “forward-looking” statements within the meaning of applicable securities laws and regulations. Generally, these statements can be identified by the use of words such as “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “feel,” “forecast,” “intend,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” “would,” and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These statements may include statements relating to trends in or expectations relating to the effects of our existing and any future initiatives, strategies, investments and plans, including our Reinvention plan, as well as trends in or expectations regarding our financial results and long-term growth model and drivers; our operations in the U.S. and China; our environmental, social and governance efforts; our partners; economic and consumer trends, including the impact of inflationary pressures; impact of foreign currency translation; strategic pricing actions; the conversion of certain market operations to fully licensed models; our plans for streamlining our operations, including store openings, closures and changes in store formats and models; the success of our licensing relationship with Nestlé, of our consumer packaged goods and foodservice business and its effects on our Channel Development segment results; tax rates; business opportunities, expansions and new initiatives, including Starbucks Odyssey; strategic acquisitions; our dividends programs; commodity costs and our mitigation strategies; our liquidity, cash flow from operations, investments, borrowing capacity and use of proceeds; continuing compliance with our covenants under our credit facilities and commercial paper program; repatriation of cash to the U.S.; the likelihood of the issuance of additional debt and the applicable interest rate; the continuing impact of the COVID-19 pandemic on our financial results and future availability of governmental subsidies for COVID-19 or other public health events; our ceo transition; our share repurchase program; our use of cash and cash requirements; the expected effects of new accounting pronouncements and the estimated impact of changes in U.S. tax law, including on tax rates, investments funded by these changes and potential outcomes; and effects of legal proceedings. Such statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties. Actual future results and trends may differ materially depending on a variety of factors, including, but not limited to: the continuing impact of COVID-19 on our business; regulatory measures or voluntary actions that may be put in place to limit the spread of COVID-19, including restrictions on business operations or social distancing requirements, and the duration and efficacy of such restrictions; the resurgence of COVID-19 infections and the circulation of novel variants of COVID-19; fluctuations in U.S. and international economies and currencies; our ability to preserve, grow and leverage our brands; the ability of our business partners and third-party providers to fulfill their responsibilities and commitments; potential negative effects of incidents involving food or beverage-borne illnesses, tampering, adulteration, 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; new initiatives and plans or revisions to existing initiatives or plans; our ability to obtain financing on acceptable terms; the acceptance of the Company’s products by our customers, evolving consumer preferences and tastes and changes in consumer spending behavior; partner investments, changes in the availability and cost of labor including any union organizing efforts and our responses to such efforts; failure to attract or retain key executive or employee talent or successfully transition executives; significant increased logistics costs; inflationary pressures; the impact of competition; inherent risks of operating a global business including any potential negative effects stemming from the Russian invasion of Ukraine; the prices and availability of coffee, dairy and other raw materials; the effect of legal proceedings; and the effects of changes in tax laws and related guidance and regulations that may be implemented, including the Inflation Reduction Act of 2022 and other risks detailed in our filings with the Securities and Exchange Commission, including in the “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations” sections of the company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings.

A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances, and those future events or circumstances may not occur. You should not place undue reliance on the forward-looking statements, which speak only as of the date of this release. We are under no obligation to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.

Following the global search for the new leader of Starbucks, Laxman Narasimhan joined the company as incoming ceo on October 1, 2022, bringing nearly 30 years of experience leading global consumer goods businesses and advising retail, grocery, restaurant and e-commerce companies.

Laxman Narasimhan Assumes Role of Starbucks Chief Executive Officer

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New round of investments, part of collective private and public sector collaboration, is a major step to scale innovative solutions to advance water access and reduce waste sent to landfill&nbsp;

Ahead of its 2023 Annual Meeting of Shareholders, Starbucks announced over $50 million in planned investments to advance its ambitious target to cut its water and waste footprints in half by 2030.

“At Starbucks, it’s our role and responsibility to protect our planet and give back more than we take. These investments will help us make significant strides toward our sustainability commitments while building a business that scales for good and is driven by innovation,” said Starbucks executive vice president of global coffee, social impact and sustainability, Michelle Burns.

Driven by the passion of its partners, <a href="https://stories.starbucks.com/press/2021/starbucks-expands-commitment-to-water-and-outlines-comprehensive-strategy/">Starbucks is committed to building a more equitable, resilient and sustainable</a> future for communities and the planet. This latest round of investments showcases the power of collective impact across sectors and Starbucks role as an industry-wide model for how thoughtful partnerships can drive environmental stewardship and long-term business goals.

Mexico: Subsidized water delivery allows Gloria and her husband to have regular access to affordable water for drinking, bathing, cleaning, and growing fresh food in their garden. (Photo credit: Water.org)

Building a Water Positive Future

At present, two billion people around the world are living in water-stressed areas. Investing in water and climate projects can be a solution for advancing equity and human rights, alleviating the impacts of climate change and securing resilient supply chains.

In support of our expanded water commitment of 50% of water withdrawal conserved or replenished across our direct operations, stores, packaging and agricultural supply chain by 2030, Starbucks has committed to prioritize action in high-risk basins through collective action and support watershed health, ecosystem resilience and water equity.

To achieve this target, Starbucks is leveraging its global reach and partnering with other leading companies who are members of the United Nations Water Resilience Coalition and the public sector to unlock critical capital for making progress against UN SDG 6. Starbucks <a href="https://unglobalcompact.org/news/5046-03-16-2023" target="_blank" rel="noreferrer noopener">announced an initial anchor investment of up to $25 million into WaterEquity’s Global Access Fund IV</a> in partnership with other corporate peers and the United States International Development Finance Corporation. Through such an investment, Starbucks is helping lead the way in an innovative approach to water stewardship with the hope of catalyzing additional companies to invest in water action. Starbucks is exploring additional investments that would bring our total investment intended to advance water access, sanitation and hygiene (WASH) to $50 million.

Starbucks recent investment with WaterEquity will support improvements in water access and quality for low-income populations in countries across South and Southeast Asia, Sub-Saharan Africa and Latin America through microfinance loans for the purchase of WASH products and services such as household toilets, water filters and tap connections. Innovative investments like this build on The Starbucks Foundation’s long history of investments in WASH around the world and help meet the company’s new commitment to enhance WASH for 5 million people. The company is complementing its investments with ongoing programmatic work in high-risk basins with leading NGO partners including WWF, TNC, Water.org and WaterAid.

Brazil: Since getting access to safe water at home, Cirliane can spend her time baking cakes to sell rather than walk to collect water. (Photo credit: Water.org)

Investing in a Circular Economy

In another key step to reduce its environmental impact and bolster a more robust recycling industry, Starbucks <a href="https://www.closedlooppartners.com/global-corporations-join-brookfield-to-invest-nearly-a-billion-dollars-in-closed-loop-partners-operating-company-circular-services-the-leading-developer-of-circular-economy-infrastructure/" target="_blank" rel="noreferrer noopener">announced a $10 million investment in Circular Services</a> to reduce landfill waste and drive innovative efforts to shift towards a circular economy in the United States.

Circular Services is the largest privately held recycling company in the United States, and Starbucks investment will support their work helping U.S. municipalities and businesses reduce the amount of valuable recyclable material sent to landfill. Circular Services uses advanced technology to improve sortation, processing and reuse of valuable commodities, including consumer packaging, organics, textiles, electronics and more, for continual reuse in domestic supply chains.

This investment will not only bring recycling access to Starbucks stores, but also creates a partnership with leading waste industry stakeholders to collaborate on recycling solutions for packaging types with limited access to recycling programs such as Starbucks hot cup.

Sims Municipal Recycling (SMR), a Closed Loop Partners investment, produces hundreds of thousands of tons of recycled metals, plastics, paper and glass for sale to mills, smelters, refiners, re-claimers and secondary material processors. (Photo credit: Michael Anton | Sims Municipal Recycling)

“Now is the time for bold action to transform the recycling infrastructure in the U.S. Starbucks is excited to join with Microsoft, Nestle, PepsiCo, SK Group, Unilever, Brookfield and the Partnership Fund for New York City to help generate nearly a billion-dollar investment in Circular Services. This builds upon our long-standing work with Closed Loop Partners, whose NextGen Consortium has made significant strides in advancing sustainable packaging, including bringing hot cup recycling to more communities,” said Starbucks chief sustainability officer, Michael Kobori.

Starbucks investment is part of a collaborative collective including Microsoft, Nestlé, PepsiCo, SK Group, Unilever and Brookfield Renewable, all working to scale circular economy infrastructure with a goal of catalyzing further corporate capital and accelerating growth of innovative partners that will champion the circular economy of the future.

As we look to the future, we are challenging ourselves to think bigger and do much more in partnership with others to take care of the planet we share. With the help of our partners, customers, industry experts and advocates, we are innovating – testing, learning and scaling – new ways to help protect our planet.

Supporting Water Projects Worldwide&nbsp;

Starbucks is also investing RMB 3 million to initiate the Qiandao Lake water replenishment project, in partnership with The Nature Conservancy, and with the support of the local government. Through this initiative, the company seeks to develop water replenishment into a viable and effective nature-based solution that complements existing water conservation efforts, with potential for adaptation to other critical water basins across China.&nbsp;&nbsp;

The project features two scientifically proven strategies for improving water quality, tailored to the unique characteristics of the local natural ecosystem including the promotion of sustainable agriculture to reduce soil erosion and surface runoff and wetlands restoration that naturally filters off pollutants while enhancing local biodiversity. Qiandao Lake supplies drinking water to approximately 10 million people across Zhejiang Province.&nbsp;&nbsp;

Alsea Foundation, The Starbucks Foundation and World Vision announced a partnership with Planet Water Foundation to guarantee access to clean water for vulnerable communities with plans to install 25 water towers over the next five years. The initiative will guarantee access to clean and safe water for 45,000 people in various communities across Mexico and in markets where Alsea operates Starbucks stores.&nbsp;

“We believe that access to clean and safe water is a basic human right, which is why we have collaborated with Planet Water Foundation for more than 10 years, starting in Indonesia and recently expanding to Latin America,” said Alicia Vermaele, director of The Starbucks Foundation. “We are proud that this new initiative will accelerate access for communities in Mexico, Colombia and other places where there is insufficient access to clean water, with the help of our local Starbucks partners as volunteers, who know their communities best.”&nbsp;

Ahead of its 2023 Annual Meeting of Shareholders, Starbucks announced planned investments to advance its ambitious target to cut its water and waste footprints in half by 2030.

Starbucks Commits Over $50 Million to Sustainable Waste and Water Funds Toward a Resource-Positive Future

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An unexpected alchemy of Starbucks® finest arabica coffee infused with Partanna® extra virgin olive oil offers a velvety smooth, deliciously lush new coffee experience

Unveiled at the Starbucks Reserve® Roastery Milan and Starbucks Italy stores, Oleato to launch in select markets worldwide over the coming year

MILAN — Starbucks today unveiled a transformational innovation in coffee, Oleato – a line of coffee beverages that brings together the unexpected – Starbucks arabica coffee deliciously infused with a spoonful of Partanna cold pressed, extra virgin olive oil. The result is velvety smooth, delicately sweet and lush coffee that uplifts each cup with an extraordinary new flavor and texture. The new beverage platform which launches in Starbucks stores in Italy on Feb. 22, includes: Oleato™ Caffè Latte, Oleato™ Iced Shaken Espresso and Oleato™ Golden Foam™ Cold Brew. The Starbucks Reserve Roastery Milan will also debut five beverages to customers on Feb. 22: Oleato™ Caffè Latte, Oleato™ Iced Cortado, Oleato™ Golden Foam™&nbsp;Cold Brew, Oleato™ Deconstructed and Oleato™ Golden&nbsp;Foam™&nbsp;Espresso Martini. Starbucks will begin to introduce the beverages in select markets around the world, starting with Southern California in the United States this spring. Later this year, Japan,&nbsp;the Middle East and the United Kingdom will launch the beverages. &nbsp;

“During my first trip to Milan in 1983, I was captivated by the sense of community, connection, and passion for coffee I found in the city’s espresso bars. It was that trip that inspired me to bring the ritual of handcrafted espresso to Starbucks and to America. Oleato represents the next revolution in coffee that brings together an alchemy of nature’s finest ingredients – Starbucks arabica coffee beans and Partanna cold pressed extra virgin olive oil,” said Howard Schultz, Starbucks interim chief executive officer. “Today I feel just as inspired as I did 40 years ago, Oleato has opened our eyes to fresh new possibilities and a transformational way to enjoy our daily coffee,” said Schultz.&nbsp;&nbsp;

Starbucks continuous search for inspiration revealed a family tradition that has existed in regions of Italy for generations – enjoying a spoonful of extra virgin olive oil each day as an uplifting ritual. This led Starbucks to Partanna, an Italian extra virgin olive oil brand with more than 100 years of tradition and dedication to farming and crafting premium extra virgin olive oil.&nbsp;

Partanna created a highly curated blend of extra virgin olive oil from the finest Mediterranean olives, including the high-quality Nocellara del Belice (also called Castelvetrano) olives from Partanna, Sicily. The blend was thoughtfully selected to pair perfectly with Starbucks coffee, which is then skillfully infused in the beverage to unlock a smooth and delicious experience like no other.&nbsp;

Starbucks Oleato beverages that will be served in Starbucks stores around the world:&nbsp;&nbsp;

In select markets, customers will also be able to add a press – the equivalent to a spoonful – of Partanna extra virgin olive oil as a customization to select beverages. The press will then be infused (steamed, shaken or blended) as a customization into select drinks such as espresso beverages and tea lattes. Golden Foam™ will also be available as a customization, which can be added as a delicious topping on both hot and cold beverages.&nbsp;&nbsp;

Designed to pair perfectly with the exquisite Starbucks Reserve coffee, the Starbucks Reserve Roastery Milan today debuted four Starbucks Reserve Oleato beverages:&nbsp;&nbsp;&nbsp;

“When creating the beverages, we were inspired by the rich history and origin stories of coffee and olive oil – two of nature’s most transcendent ingredients,” said Amy Dilger, principal beverage developer for Starbucks. “Infusing Starbucks coffee with olive oil yielded a velvety smooth, rich texture, with the buttery, round flavors imparted by the olive oil perfectly pairing with the soft, chocolatey notes of the coffee.”&nbsp;&nbsp;

“One thing that’s special about Partanna’s olives is their uniquely nutty, slightly sweet flavors – think of that rich smoothness of a buttery caramel, it’s a natural complement to our coffee,” said Dilger. “Whether you enjoy Oleato hot or cold, you get this really luxurious, textural experience.”&nbsp;

Read more about the inspiration and creation of these beverages <a href="https://stories.starbucks.com/stories/2023/the-story-behind-starbucks-new-coffee-ritual-oleato-olive-oil/">here</a>.&nbsp;

Raising the Bar on Coffee Innovation&nbsp;&nbsp;

Italy’s romance with coffee, food and connection has served as an inspiration for the Starbucks Experience since the company’s earliest days, influencing its coffee, food and store designs, as well as its reverence for artistry.&nbsp;&nbsp;

“The art of coffee craft, curation and creation remains core to Starbucks. Our aspiration to continue to be the world's leader in premium coffee – in both the art and the science – is as strong today as it was more than 50 years ago when Starbucks first opened its doors,” said Schultz. “Embracing our heritage, we remain dedicated to exceeding our customers’ expectations by bringing innovative experiences to savor.”&nbsp;

From the first Starbucks Caffè Latte served in 1984, to Pumpkin Spice Latte, Nitro Cold Brew, and the more recent Iced Shaken Espresso beverages, Starbucks continues to bring its customers innovative beverages at scale.&nbsp;&nbsp;

About Starbucks&nbsp;&nbsp;

Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting high-quality arabica coffee. Today, with nearly 36,000 stores worldwide, 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 <a href="https://stories.starbucks.com/" target="_blank" rel="noreferrer noopener">stories.starbucks.com</a> or <a href="https://www.starbucks.com/" target="_blank" rel="noreferrer noopener">starbucks.com</a>.&nbsp;

Barista in brown apron with "Oleato" hands off a Starbucks Oleato Golden Foam Cold Brew

Starbucks unveils a transformational innovation in coffee, Oleato – a line of coffee beverages that brings together the unexpected – Starbucks arabica coffee deliciously infused with extra virgin olive oil.

Introducing Starbucks Oleato – a Revolutionary New Coffee Ritual

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Starbucks today unveiled a transformational innovation in coffee, Oleato – a line of coffee beverages that brings together the unexpected – Starbucks arabica coffee deliciously infused with extra virgin olive oil.

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SEATTLE – Starbucks Corporation (Nasdaq: SBUX) today reported financial results for its 13-week fiscal first quarter ended January 1, 2023.

For the full press release, please visit our Investor Relations site <a href="https://investor.starbucks.com/files/doc_financials/2023/q1/1Q23-Earnings-Release-Final-(2.2).pdf" target="_blank" rel="noreferrer noopener">here</a>.

“Starbucks performance in Q1 demonstrates the strength and resilience of our business and accelerating demand for Starbucks Coffee all around the world,” said Howard Schultz, interim ceo. “We posted today’s strong results despite challenging global consumer and inflationary environments, a soft quarter for retail overall and the unprecedented, COVID-related headwinds that unfolded in China in Q1,” Schultz added.

“I am very proud of what we achieved in Q1, with nearly every business segment contributing to our strong performance,” commented Rachel Ruggeri, chief financial officer. “And I’m pleased to share that our fiscal 2023 guidance remains unchanged, despite the headwinds from China,” Ruggeri added.

A Starbucks Store partner in a green apron handing a drink in a reusable cup to a customer

Starbucks Corporation (Nasdaq: SBUX) today reported financial results for its 13-week fiscal first quarter ended January 1, 2023.

Starbucks Reports Q1 Fiscal 2023 Results

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Northern California, Texas, Georgia, Florida, and other select markets launch service today, with store coverage expected in all 50 states by March 2023. &nbsp;

SEATTLE &amp; SAN FRANCISCO - Starbucks Coffee Company (NASDAQ: SBUX) and DoorDash, Inc. (NYSE: DASH) announced the expansion of their partnership with new delivery service launching today in Northern California, Texas, Georgia, Florida and other select markets. Starbucks delivery with DoorDash will expand to additional markets over the coming months, with full nationwide availability anticipated in all 50 states by March 2023. &nbsp;

This expansion follows on the heels of positive feedback from a successful pilot in Atlanta, Houston, and Sacramento, and additional market expansion in Seattle, Portland, and New York City last year. Through the partnership and as the largest local commerce platform in the country, DoorDash provides a delivery platform to enable increased, convenient access to Starbucks nationwide.&nbsp;&nbsp;

“As customer behaviors evolve, we continue to innovate the Starbucks Experience to connect with them through meaningful and valuable digital experiences.&nbsp;&nbsp; Our partnership with DoorDash allows us to provide our customers with another convenient way to enjoy Starbucks wherever they are, said Brooke O’Berry, Starbucks senior vice president of digital experiences. “Delivery continues to represent a significant growth opportunity for Starbucks, and we’re excited to reach more customers by partnering with DoorDash, a company known for their best in-class service.” &nbsp;

“Our partnership with Starbucks connects even more neighborhoods across the United States with their favorite beverages and bites,” said Sanjay Kotte, DoorDash head of strategic partnerships. “When you combine the exceptional quality of Starbucks handcrafted beverages and food with the logistics power and geographic scale of DoorDash, the result is extraordinary for coffee lovers nationwide.”&nbsp;

Convenience for Customers &nbsp;

In the U.S., customers will be able to access Starbucks delivery via DoorDash on iOS and Android devices, in addition to DoorDash.com. Key features of the delivery program include: &nbsp;

Prompt Delivery: Orders placed through the DoorDash platform will be delivered by an extensive network of Dashers, designed for expedient and secure delivery so customers can enjoy their Starbucks beverage and food promptly. Customers can track their orders through DoorDash from preparation to drop-off.

Delivered Fresh: Starbucks has developed packaging solutions to help ensure the quality of hot and cold menu items including stickers for beverages to avoid spilling, tamper evident packaging, and delivery-specific cup holders.&nbsp;

Customization: Starbucks will offer approximately 95% of its core menu items on DoorDash, and just as they would at Starbucks, customers can customize their orders within the DoorDash app, including the ability to choose the amount of syrup, type of milk and espresso roasts. &nbsp;&nbsp;

DashPass, DoorDash’s monthly membership program, provides customers ordering from Starbucks on DoorDash with $0 delivery fees and the lowest service fees available on each order of $12 or more. Standard delivery and service fees apply to all other orders.&nbsp;

Over the past decade, Starbucks has continued to innovate the retail experience to connect with customers digitally. Whether through Starbucks® Rewards, the Starbucks app, or Mobile Order and Pay, Starbucks has adapted to the changing consumer landscape.&nbsp;

DoorDash (NYSE: DASH) is a technology company that connects consumers with their favorite local businesses in 27 countries across the globe. Founded in 2013, DoorDash builds products and services to help businesses innovate, grow, and reach more customers. DoorDash is building infrastructure for local commerce, enabling merchants to thrive in the convenience economy, giving consumers access to more of their communities, and providing work that empowers. With DoorDash, there is a neighborhood of good in every order.&nbsp;

Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting high-quality arabica coffee. Today, with over 35,000 stores worldwide, 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 <a href="https://stories.starbucks.com/" target="_blank" rel="noreferrer noopener">stories.starbucks.com</a> or <a href="http://starbucks.com/" target="_blank" rel="noreferrer noopener">starbucks.com</a>. &nbsp;

Red reusable bag with a Doordash log next to four Starbucks cups two iced drinks and two hot beverages in front of a green door

Northern California, Texas, Georgia, Florida, and other select markets launch service today, with store coverage expected in all 50 states by March 2023. 

Starbucks and DoorDash Set to Expand Delivery Partnership Nationwide

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