Starbucks is the fifth most admired company in the world, according to new research from Fortune magazine, and is the number one company worldwide in the food service industry.
Here’s what the magazine’s editors say about Starbucks:
Once a single coffee shop in Seattle, Starbucks is now ubiquitous, and the world’s leading place to grab a cup of Joe. Thanks in part to those strong global sales and the success of seasonal drinks like the much buzzed-about pumpkin spice latte, Starbucks had another record year in FY2013. The company is also branching out into tea bars and cold-pressed juice joints, and continues to work on improving the quality of its food (maligned even by CEO Howard Schultz) and the digital sophistication of its operations.
In addition, Starbucks is ranked number four for social responsibility and places in the top 10 for quality of management and innovation.
Since 1983, Fortune has compiled a list of the World’s Most Admired Companies. Fortune creates the list from a starting base of 1,400 companies based in the U.S. plus 400 from around the world with revenue above $10 billion. It then surveys 3,800 executives, asking them to rank the top 10 based on the following criteria: innovation, people management, use of corporate assets, social responsibility, quality of management, financial soundness, long-term investment, quality of products or services, and global competitiveness.
The top company on the list for 2014 is Apple followed by Amazon, Google, and Berkshire Hathaway. Coca-Cola, Walt Disney, Fed Ex, Southwest Airlines, and General Electric round out the top 10 on Fortune’s list.