Starbucks hosted its biennial Investor Day on Tuesday; here are some of the day's highlights

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Starbucks hosted its biennial Investor Day today at the Starbucks Support Center in Seattle, where Howard Schultz, interim chief executive officer, Rachel Ruggeri, chief financial officer, and other members of the Starbucks leadership team showcased the company’s Reinvention plan. They discussed the actions and investments the company is making to enhance the Starbucks Experience for partners and customers and drive accelerated long-term growth.

Highlights shared by the company include:

1. Reinvention plan positions Starbucks for the next chapter of growth

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The Reinvention plan is ushering Starbucks into a new era of growth, underpinned by a renewed focus on the foundations of its business – partners, stores and customers. Investing in this powerful “Triple Shot for Growth” will continue to differentiate the Starbucks brand and experience. The company announced today that it expects <a href="https://stories.starbucks.com/press/2022/starbucks-enters-new-era-of-growth-driven-by-an-unparalleled-reinvention-plan/">deliver 10-12 percent net revenue growth</a> and 15-20 percent net earnings growth annually over the next three years, surpassing the 10-12 percent range shared at the last Starbucks Investor Day in 2020. This reflects acceleration in each and every building block of our growth, powered by Starbucks green apron partners around the globe.

2. Starbucks is focused on reinventing the partner experience

Company leaders shared commitments to radically improve the retail partner experience, making changes to focus on helping partners thrive at work, as individuals and together through new tools such as wage innovation, well-being benefits and personalized career mobility. It’s paying off as Starbucks has started to see results with retention rates steadily rising and on track to return to and exceed pre-pandemic levels.

3. The Starbucks brand is building on strength

The Starbucks brand is more relevant and differentiated than ever before with the number one market share and brand affinity. It’s a strong, relevant brand that is poised for growth. Starbucks has the highest brand affinity among Gen Z and multicultural consumers, who also make up more than half of the customer base. And, among multicultural consumers, Starbucks is the market leader on brand affinity, visits and is the first choice among away-from home coffee drinkers that identify as LatinX, African American and Asian American.

4. Going Global: The digital Starbucks experience is coming to all stores

With mobile orders accounting for 25 percent of customer transactions in the U.S., Starbucks is elevating the digital Starbucks Experience, including through providing real-time updates in the app and a dedicated mobile order pick-up lane. By making Mobile Order &amp; Pay more personalized and effortless, Starbucks will continue to drive relevancy for customers and growth in mobile orders.

To meet growing customer demand, Starbucks is committed to expanding its digital Starbucks Experience to all locations, from airports and grocery stores to international markets, and Starbucks Connect is the new technology that is making this possible. With a consistent digital experience across Starbucks entire portfolio of stores, customers will get a holistic Starbucks Rewards experience, including Mobile Order &amp; Pay and a wider arrange of star redemption opportunities, no matter which Starbucks they visit.

5. A purpose-built approach to meeting customer needs

Over the next three years, Starbucks sees continued opportunity for purpose-built store growth as demand for the brand increases. This includes increasing the number of drive-thrus while also expanding the number of stores that are “purpose built,” such as delivery only and curbside pick-up stores. In addition, this design approach will help modernizing physical stores to serve the increasing demand while creating an environment that is inclusive and accessible, through the lens of sustainability. It’s all part of meeting customers whenever and wherever they are.

6. Harnessing global store growth opportunities

Starbucks is rapidly expanding its global footprint and expects to approach 45,000 stores by the end of 2025 (up from nearly 35,000 now) and 55,000 stores by 2030 – this means opening eight new stores a day. Starbucks is already well on its way; in China, Starbucks has increased its footprint nearly 10-fold to 6,000 stores, and is continuing to grow, as it targets increasing store count by 50 percent to reach 9,000 stores by fiscal year 2025.

7. New, innovative equipment will give baristas more time for customer connections

Starbucks is introducing more efficient <a href="https://stories.starbucks.com/stories/2022/recipe-for-reinvention-starbucks-unveils-innovations-for-better-customer-barista-experiences/">state-of-the-art equipment</a> putting better tools in the hands of partners and, in turn, driving an improved partner and customer experience. Starbucks has developed a redesigned Cold Beverage Station, which reduces the time and number of steps to make a cold beverage. It has also begun rolling out new Clover Vertica™ equipment, which will freshly grind and brew a cup of coffee, on demand, in 30 seconds.

8. Cold Brew took center stage at the morning coffee tasting

Green apron partners (employees) offered hand crafted, high quality arabica coffee to Investor Day participants, highlighting the coffee and craft at the center of the Starbucks Experience. Attendees tasted Starbucks popular Cold Brew beverage, which has a unique flavor profile that is unlocked by a blending, roasting and steeping process

Photos by Josh Trujillo and Connor Surdi / Starbucks Stories

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Starbucks hosted its biennial Investor Day on Tuesday; here are some of the day's highlights.

What you need to know about Starbucks 2022 Investor Day

Stories to inspire and nurture the human spirit

Starbucks Stories

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Effective September 19, 2022, eligible U.S. partners will have access to new benefits to further financial stability and manage student loan repayments&nbsp;&nbsp;

SEATTLE – Today, building on Starbucks <a href="https://stories.starbucks.com/press/2017/starbucks-commitment-to-partners/" target="_blank" rel="noreferrer noopener">historic commitments</a> to offering leading benefits for its partners (employees), Starbucks Coffee Company announced a set of programs, designed to support eligible partners when it comes to two critical areas of financial well-being: savings and student loan debt.&nbsp;

<a href="https://www.tiktok.com/@starbuckspartners/video/7142535574950366510?is_from_webapp=v1&amp;item_id=7142535574950366510&amp;web_id=7052008764535391750" target="_blank" rel="noreferrer noopener">The new benefits</a>, which will begin on September 19, will contribute to eligible partners’ financial stability and help them manage their higher education debt. Both programs were informed by thousands of conversations with partners over the last several months as the coffee company <a href="https://stories.starbucks.com/stories/2022/a-message-from-howard-schultz-the-next-chapter-of-starbucks-reinvention/">reinvents its future</a>.

“We’ve heard from our partners and know that pressures of inflation, in addition to debt and savings are weighing heavily on them,” said Ron Crawford, SVP Total Rewards, Starbucks. “Providing industry-leading benefits for our partners is a cornerstone of who we are as a company. As we reinvent the future of Starbucks, together with our partners, we knew we had an opportunity to further support the financial well-being of our partners and their families.”

Working with Fidelity, Starbucks is introducing My Starbucks Savings, a new way to help eligible partners save for the unexpected. All eligible U.S. partners will be able to contribute a portion of after-tax pay on a recurring basis directly from their paycheck to a personal savings account. To incentivize savings and account growth, Starbucks will contribute $25 and $50 credits at key saving milestones up to a total of $250 per incentive eligible partner.

“Too many Americans are unprepared financially to handle the unexpected, and this current economic environment only makes it more important to help people establish solid savings behaviors and foundation to cover short-term expenses,” said <a href="https://www.linkedin.com/in/fidelitykevinbarry" target="_blank" rel="noreferrer noopener">Kevin Barry</a>, president of Workplace Investing at Fidelity Investments. “As this program demonstrates, employers are in a position to help, which is why Fidelity is pleased to work with Starbucks and other companies to provide savers with a path to achieving their financial goals, such as emergency savings.”

Starbucks will also launch a Student Loan Management Benefit through Tuition.io to help eligible partners manage and optimize student loan repayments. Through this tool, eligible U.S. partners and their families will have access to new tools, resources and individual coaching to manage student loan debt, such as repayment options and loan refinancing. Tools within the platform will help partners view all their student loan debt in one place and locate the best individual action to take based on their personal repayment scenario and goals. This could include taking advantage of income-based repayment options, refinancing and planning how best to finance education for college-bound students and parents of students.

“Student loan debt remains a tremendous financial burden for the nearly 48 million U.S. consumers who have borrowed to finance the education necessary to unlock the best career opportunities,” said Scott Thompson, CEO of Tuition.io. "As we approach the time when payments will be restarted for federal loans, we're honored to work with Starbucks to support their partners and their families to make the best financial decisions regarding repayment of their student loans and options for financing their future education."

These benefits build on Starbucks continued work to support partners’ holistic well-being as a company with programs that include 401(k) with Starbucks Match, Bean Stock, comprehensive healthcare coverage, full tuition coverage for a Bachelor’s Degree through the Starbucks College Achievement Plan, Lyra mental health benefit <a href="https://stories.starbucks.com/press/2017/starbucks-commitment-to-partners/">and more</a>.

“We believe that when we invest in you and your greater aspirations we are investing in the success of Starbucks too,” said Sara Kelly, Starbucks chief partner officer. “This is just one more way we are co-creating a meaningful partner experience and a better future for Starbucks.”

This announcement builds on partner financial stability investments from Starbucks earlier this year when the company committed to <a href="https://stories.starbucks.com/press/2022/starbucks-commits-one-billion-in-fy2022-investments-to-uplift-partners-employees-and-the-store-experience/">increase partner pay</a>, effective August 1.

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Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting high-quality arabica coffee. Today, with more than 34,000 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/" target="_blank" rel="noreferrer noopener">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 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; expanding our licensing to Nestlé of our consumer packaged goods and Foodservice businesses and its effects on our Channel Development segment results; tax rates; business opportunities and expansion; 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 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.

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Effective September 19, 2022, eligible U.S. partners will have access to new benefits to further financial stability and manage student loan repayments.

Starbucks Announces Student Loan Management and Savings Programs to Support Partner (Employee) Financial Well-Being

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<a href="https://globalassets.starbucks.com/assets/d92383f7c65c474bb2e3f6b7d0219d68.pdf">Our benefits</a> reflect our mission and commitment to be a different kind of company and put our people first – more than 240,000 U.S. partners representing diverse communities.

We have a long history of providing comprehensive benefits for all part- and full-time partners, including offering affordable healthcare coverage that provides Starbucks partners more choice, cost savings opportunities and personalized support to help them easily and successfully select the best health care plan for their needs.

We consistently listen to and collaborate with our partners to evolve our benefits based on their different benefits needs and preferences – and we will always work to ensure that our partners have access to quality healthcare and the support services they need.

Innovating and Collaborating to Meet the Needs of Our Partners

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Supporting Mental Health for All Partners

Starbucks <a href="https://stories.starbucks.com/press/2020/starbucks-commitment-to-partners-mental-health/">provides</a> all U.S. partners (employees) and eligible family members access to 20 sessions a year with a mental health therapist or coach through Lyra Health, all at no cost. In addition, all partners are eligible for free access to Headspace upon hire.

Inclusive Transgender Medical Benefits

In 2018, Starbucks <a href="https://stories.starbucks.com/stories/2018/they-are-lifesaving-starbucks-offers-expanded-benefits-for-trans-people/">broadened its health insurance options for transgender partners</a> to not only include gender reassignment surgery (which had been covered <a href="https://stories.starbucks.com/stories/2019/starbucks-pride-a-long-legacy-of-lgbtq-inclusion/">since 2013</a>), but also a host of procedures that were previously considered cosmetic, such as breast reduction or augmentation surgery, facial feminization, hair transplants and more.

Supporting Access to Quality Care Regardless of Where Our Partners Live

We are committed to ensuring that our partners have <a href="https://stories.starbucks.com/press/2022/letter-to-starbucks-partners-ensuring-access-to-healthcare/">access to quality healthcare</a> regardless of where they live or what they believe. Partners enrolled in Starbucks healthcare will be offered reimbursement for eligible travel expenses when accessing abortion or gender-affirming procedures when those services are not available within 100 miles of a partner’s home. This benefit will also apply to a dependent of a partner enrolled in Starbucks medical insurance.

Sharing Resources to Help Navigate Benefits

We offer all U.S. partners the option to work with Starbucks Advocates – a team of individuals dedicated to working directly with partners year-round who are knowledgeable about healthcare coverage and available to help partners with complex health coverage questions. Advocates are a free and confidential service and are available to help partners find care in and out of their state.

Leave Benefits for Partners Who Welcome a New Child

All benefits eligible U.S. partners who welcome a new child by birth, foster or adoption are eligible for <a href="https://stories.starbucks.com/press/2017/starbucks-to-expand-parental-leave-benefits/">paid parental leave</a>:

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Helping Partners Grow Their Families – However They Choose

The Starbucks <a href="https://www.starbucksbenefits.com/en-us/home/partner-family-support/family-expansion-reimbursement/">Family Expansion Reimbursement program</a> assists eligible partners with certain costs of growing their families through adoption, surrogacy, or fertility treatments.

All benefits-eligible partners are eligible to apply for reimbursement of eligible adoption expenses and eligible, non-medical surrogacy expenses. To be eligible to apply for and be reimbursed for eligible medical expenses for surrogacy and fertility treatments, Starbucks partners and their spouses/domestic partners must be enrolled in a Starbucks medical plan.

Our benefits reflect our mission and commitment to be a different kind of company and put our people first.

Starbucks Commitment to Quality Healthcare and Support for Our Partners

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In a letter to Starbucks partners, Sara Kelly, acting evp, Partner Resources, shares our commitment to ensuring our partners always have access to quality healthcare – regardless of where you live or what you believe.

I’m sure many of you are seeing that the U.S. Supreme Court made its decision to overturn Roe v. Wade today. Even though we have prepared for this scenario, personally and as a company, I know this decision leaves many of you disheartened or in shock. &nbsp;

We all need to process this in our own way, and as you do, here is what I want you to know: no matter where you live, or what you believe, we will always ensure you have access to quality healthcare. And when legislative actions impact your access to healthcare, we will work on ways to make you feel supported.

That’s why we have provided partners enrolled in Starbucks healthcare plan a medical travel reimbursement benefit to access an abortion, and coming soon, access to gender-affirming care. You can learn more about that benefit in my message from last week, and also on the <a href="https://s2.bl-1.com/h/dqDg8gT4?url=https://departments.starbucks.com/sites/partnerfamilysupport/en-us/Pages/medical-travel-reimbursement.aspx">Partner Hub.</a>&nbsp;The impacts of this decision are complex and our Starbucks Advocates are dedicated to working directly with partners year-round with questions about healthcare coverage. They are a knowledgeable resource and a free and confidential service for our partners.&nbsp;

We are here to support you partners and thank you for taking care of one another in this moment.

In anticipation of the U.S. Supreme Court’s decision&nbsp;on Roe v. Wade,&nbsp;<a href="https://l.workplace.com/l.php?u=https%3A%2F%2Fs2.bl-1.com%2Fh%2FdqDg8b42%3Furl%3Dhttps%253A%252F%252Fstories.starbucks.com%252Fpress%252F2022%252Fletter-to-starbucks-partners-ensuring-access-to-healthcare%252F&amp;h=AT23atyBfo8HigKiY93oNm6uTBLDBXPFqaJizaCuN9SRe20EH9z75ARN28TKyFClTAay8BwEo8xe3nplIkqgYz1R1ijzogCpp3aaa_8Q3Fm9xuxwehMQs9X7sRw1Y9czS9R0kTfHL8GvRv4fm1htOA&amp;__tn__=-UK-R&amp;c%5b0%5d=AT2UKaSbKX1ZQzvGXVLELH7lij4hz5DfugFvIHaSYQTVAMBKvPS-S_04L8s5IMZhWOWKJF7svXSE2xxvBgo0WZ6wDS-dXrKufGNWpNA3z5ngRupvMspEs9isuPVJ2vRHJ-5s9QXQ6grZK0S0RtaZT0D_BE_jUzDzIBEI4pKYOCyPQTnBKL0MwW5FFfVziIBak1QrGC9yg_o" target="_blank" rel="noreferrer noopener">in May we shared</a>&nbsp;that&nbsp;we will always strive to ensure our partners have access to quality healthcare. When legislative actions impact your access to healthcare we will work on ways to make you feel supported. That’s why&nbsp;starting today,&nbsp;we will provide partners enrolled in Starbucks healthcare plan a medical travel reimbursement benefit to access an abortion.

This benefit will support eligible partners (and their eligible dependents) who are enrolled in a Starbucks medical plan, cannot legally access an abortion in their state of residence and do not have a provider available within 100 miles of their home. You can read full details of this benefit and how to access it on the&nbsp;<a href="https://l.workplace.com/l.php?u=https%3A%2F%2Fs2.bl-1.com%2Fh%2FdqDg8gT4%3Furl%3Dhttps%253A%252F%252Fdepartments.starbucks.com%252Fsites%252Fpartnerfamilysupport%252Fen-us%252FPages%252Fmedical-travel-reimbursement.aspx&amp;h=AT3z7JPIfdRGQKKSVWDw7NPNgijfDozB3oDq8xtAfOy44CpJeH86alcG8HCb8inhLvYgBSsGB9FdrtrK3LZKCYydbSVhJdPuoGj3r0jQlOUUE3P9bhkXGbjRuFQ6osZGQK9BeH4CEmTud0OdrbqHew&amp;__tn__=-UK-R&amp;c%5b0%5d=AT2UKaSbKX1ZQzvGXVLELH7lij4hz5DfugFvIHaSYQTVAMBKvPS-S_04L8s5IMZhWOWKJF7svXSE2xxvBgo0WZ6wDS-dXrKufGNWpNA3z5ngRupvMspEs9isuPVJ2vRHJ-5s9QXQ6grZK0S0RtaZT0D_BE_jUzDzIBEI4pKYOCyPQTnBKL0MwW5FFfVziIBak1QrGC9yg_o" target="_blank" rel="noreferrer noopener">Partner Hub.</a>

We know some partners may also face legislative barriers when it comes to accessing gender affirming procedures and we are working on the details for the medical travel reimbursement benefit for gender-affirming procedures now. Part of why this one is taking a little longer to finalize is that we want to make sure we account for the fact that there are more procedures to consider as part of this benefit. We will share an update on this as soon as possible.

As we work through these details, we’re unfortunately seeing some misinformation that Starbucks will take benefits away from partners who are in the petitioning process. Here are the facts we want you to know:

Partners, thank you for the perspectives these last few weeks, including from those of you in our partner networks. I want to also thank you for continuing to listen and engage with one another with empathy and kindness, given the diverse views amongst us. Together, we can continue to make progress on critical benefits like these and find ways to support one another.

Like many of you, I’m deeply concerned by the draft Supreme Court opinion related to the constitutional right to abortion that was first established by Roe v. Wade. I know this is weighing on many of you, so let me be clear up front – regardless of what the Supreme Court ends up deciding, we will always ensure our partners have access to quality healthcare. And when actions impact your access to healthcare, we will work on a way to make sure you feel supported.

Today I’m announcing that we are expanding our U.S. healthcare benefit to further protect your personal health decisions. Regardless of where you live or what you believe, partners enrolled in Starbucks healthcare will now be offered reimbursement for eligible travel expenses when accessing abortion or gender-affirming procedures when those services are not available within 100 miles of a partner’s home. This benefit will also apply to dependents of partners enrolled in Starbucks healthcare.

Whatever healthcare choice you believe is right for you and your family, you deserve access to those services and the benefits that Starbucks provides. We offer industry-leading benefits, <a href="https://stories.starbucks.com/stories/2022/starbucks-commitment-to-quality-healthcare-and-support-for-our-partners/">including many benefits that support partners in planning for their future</a>, including:

At Starbucks, we have 240,000 U.S. partners with diverse views. That’s okay, because it’s what makes us Starbucks. My hope is that we will continue to honor and respect one another. And, together, we’ll become better listeners and learners – finding ways to support one another, as we always have. Because that’s what it means to be a partner.

Thank you to the perspectives and ideas shared by many of you, including those in our partner networks. Our Benefits team is working on the specifics and timing of our benefit expansion and we look forward to sharing more updates soon.

In a letter to Starbucks partners, Sara Kelly, acting evp, Partner Resources, shares our commitment to ensuring our partners always have access to quality healthcare – regardless of where you live or what you believe.

Letter to Starbucks Partners: Ensuring Access to Healthcare

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Today, Starbucks announced a new mental health benefit for U.S. partners (employees) in partnership with Lyra Health as the latest development in its comprehensive <a href="https://stories.starbucks.com/stories/2020/starbucks-commitment-to-partners-mental-health/">mental health initiative</a> announced in September.

Beginning April 6, partners will have access to 20 free sessions with Lyra therapists and coaches for themselves and eligible family members, all at no cost.

This new benefit will connect more Starbucks partners to effective, high quality care that is more accessible, robust and tailored to partners specific needs than ever before.

Starbucks commitment to supporting partners mental health furthers the company’s legacy in providing <a href="https://stories.starbucks.com/stories/2017/starbucks-commitment-to-partners/">industry-leading benefits</a> for more than 400,000 partners who wear the green apron.

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Starbucks announces reimagined mental health care for U.S. partners - Starbucks Stories

Starbucks announces reimagined mental health care for U.S. partners

Company provides U.S. partners with a new mental health benefit including 20 care sessions a year for partners and their eligible family members.

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Starbucks builds on its history of providing innovative, industry-leading benefits for employees with new mental health care benefit in partnership with Lyra Health.

U.S. partners (employees) and eligible family members will receive 20 mental health sessions with a therapist or coach each year.

Offering a new mental health care resource is part of Starbucks larger mental health initiative announced in September, created based on partner feedback.

SEATTLE – Starbucks Coffee Company (NASDAQ: SBUX) today announced a reimagined mental health care benefit for its U.S. partners (employees) that is more accessible, robust and tailored to partners specific needs than ever before.

Beginning April 6, Starbucks will provide all U.S. partners and eligible family members access to 20 sessions a year with a mental health therapist or coach through <a href="https://www.lyrahealth.com/">Lyra Health</a>, all at no cost to the user.

The innovative mental health benefits provider, Lyra Health, will connect more Starbucks partners to high quality care. Starbucks partners will be able to securely and confidentially seek evidence-based mental health treatment, identify available health providers that meet their individual needs, and book appointments on the spot with options to meet with their therapist or coach by video or in-person. Starbucks partners may also access self-guided online programs recommended by Lyra Health based on their specific needs. Lyra Health also offers support for legal services, identity theft and financial coaching. 

“Caring for Starbucks partners is at the core of our company. We are constantly listening to our partners and exploring new ways to enhance the innovative benefits we offer to support them and their families,” said Kevin Johnson, Starbucks president and ceo. “Mental health is a fundamental part of our humanity and these resources will make a meaningful difference in people’s lives and help break the stigma around this complex issue.”

The reimagined mental health care benefit was created based on partner feedback and is the latest update in the company’s comprehensive <a href="https://stories.starbucks.com/stories/2020/starbucks-commitment-to-partners-mental-health/">mental health initiative</a> announced last September, with an aim to promote mental wellness and offer innovative new mental health care benefits that support Starbucks goal to break the stigma.

“We listened to our partners in order to understand what they really need and would really use,” said Ron Crawford, vice president of global benefits at Starbucks. “What we’ve created in partnership with Lyra Health directly addresses the feedback we’ve heard.”

This announcement follows Starbucks introduction of several new and improved benefits this year <a href="https://stories.starbucks.com/stories/2020/starbucks-launches-partner-headspace-subscriptions/">including Headspace</a>, the daily meditation and mindfulness app, to U.S. and Canada partners, as well as mental health training sessions for U.S. and Canada store managers that will be available this summer in partnership with the National Council for Behavioral Health, inspired by Mental Health First Aid.

“NAMI applauds Starbucks’ effort to increase access to mental health care for their U.S. partners and families,” said Daniel H. Gillison, Jr., CEO of National Alliance on Mental Illness (NAMI). “We know that through treatment, recovery is possible and having access to free mental health sessions can make a positive impact on anyone struggling with their mental health. This is a new standard for employee benefits which will not only improve the lives of individuals but also the company.”

Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting high-quality arabica coffee. Today, with more than 31,000 stores around the globe, the company is the premier roaster and retailer ofspecialty coffee in the world. Through our unwavering commitment to excellence and our guiding principles, we bringthe unique Starbucks Experience to life for every customer through every cup. To share in the experience, please visitus in our stores or online at <a href="https://stories.starbucks.com/">stories.starbucks.com</a> or <a href="http://www.starbucks.com">www.starbucks.com</a>.

Starbucks Transforms Mental Health Benefit for U.S. Employees - Starbucks Stories

Starbucks Transforms Mental Health Benefit for U.S. Employees

Starbucks builds on its history of providing innovative, industry-leading benefits for employees with new mental health care benefit in partnership with Lyra Health.

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https://stories.starbucks.com/press/2020/starbucks-transforms-mental-health-benefit-for-us-employees/

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We believe it’s in the conversations that happen every day in our stores. It’s in our values, the benefits that we provide for our partners and the way we work to make a difference in our communities and around the planet. It is in the fact that we believe it is possible to do well in the world and do well in business at the same time. 

We believe Starbucks is a different kind of company. And we’re not alone. We asked some of our partners and customers to share what they believe about Starbucks—watch the video, share it, and think about what makes you believe this is a different kind of company too.

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A different kind of company - Starbucks Stories

We believe Starbucks is a different kind of company. And we’re not alone. We asked some of our partners and customers to share what they believe about Starbucks.

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https://stories.starbucks.com/stories/2019/different-kind-of-company/

A different kind of company

Updated October 3, 2022&nbsp;

Starbucks has a long legacy of putting our partners (employees) first. We were among the first companies to offer <a href="https://stories.starbucks.com/press/2016/starbucks-expands-health-benefits/">comprehensive health benefits</a> and equity to those who work just 20 hours or more a week– it’s why we are called partners.&nbsp;

We believe that when we invest in our partners, we are simultaneously investing in the success of Starbucks. It is the passion of our partners who wear the iconic green apron and the moments of connection they create in our stores that define the Starbucks Experience.&nbsp;

More than 400,000 partners represent the diverse communities they serve around the world. They include working parents, military spouses, students and even those young people for whom putting on the green apron represents their first job – all working to achieve their own personal and career goals. We are committed to supporting our partners and their aspirations at Starbucks and beyond.&nbsp;

To do this, we are constantly listening to and learning from our partners to co-create the future of Starbucks, while investing in our partners well-being so they can truly thrive – at work, as individuals and together. Working in retail can often mean long hours with high demands, leaving our partners feeling tired, stressed, and, frankly, undervalued at times. We know we are not perfect and need to do our best to make sure we <a href="https://stories.starbucks.com/press/2016/starbucks-history-of-partner-benefits/" target="_blank" rel="noreferrer noopener">support our partners</a> and continue leading our industry in both retention and partner engagement. &nbsp;

Our total pay package remains a fundamental differentiator from others in our industry. This means going beyond wage and health coverage, and offering a full suite of benefits that are relevant to the diverse needs of our partners <a href="https://news.starbucks.com/news/starbucks-partner-benefits-span-the-globe" target="_blank" rel="noreferrer noopener">around the world.</a>&nbsp;

We take great pride in knowing that no other company has pioneered more innovative benefits for full- and part-time employees around the world.&nbsp;

Our industry-leading benefits for U.S. partners include: &nbsp;

Outside the U.S., we have other innovative partner benefits to help address unique needs in different parts of the world, such as our Apprenticeship and Home Sweet Loan programs in the United Kingdom to help partners tackle the cost of living by providing interest-free loans, mental health services in Canada, and in China, a <a href="https://news.starbucks.com/news/starbucks-partner-benefits-span-the-globe" target="_blank" rel="noreferrer noopener">monthly housing subsidy</a> for full-time Starbucks baristas and shift supervisors as well as <a href="https://news.starbucks.com/press-releases/starbucks-partner-benefits-insurance-plan-for-parents-in-china" target="_blank" rel="noreferrer noopener">comprehensive health insurance coverage for parents of partners</a>.

It is our mission to be a different kind of company, and we will continue to evolve our benefits to fit the needs of our partners. &nbsp;

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Starbucks has a long legacy of putting our partners first. We were among the first companies to offer comprehensive health benefits and equity to those who work just 20 hours or more a week.

Starbucks Commitment to Partners

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https://stories.starbucks.com/press/2017/starbucks-commitment-to-partners/

Starbucks has a long legacy of putting our partners (employees) first. We were among the first companies to offer comprehensive health benefits and equity to those who work just 20 hours or more a week.

https://stories.starbucks.com/uploads/2021/10/SBX20211026-Partner-Experience-FeatureHorizontal-1-1-1024x498.jpg

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