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.

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Today, Starbucks is hosting its biennial Investor Day at the Starbucks Support Center in Seattle where Starbucks leaders, including interim chief executive officer Howard Schultz and chief financial officer Rachel Ruggeri, are showcasing the company’s Reinvention plan to an in-person audience of more than 150 investors. Remote viewers can watch a livestream of the event <a href="https://investor.starbucks.com/events-and-presentations/current-and-past-events/event-details/2022/Starbucks-2022-Investor-Day/default.aspx" target="_blank" rel="noreferrer noopener">here.</a> We will update this page with news throughout the day.&nbsp;

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

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Starbucks Enters New Era of Growth Driven by an Unparalleled Reinvention Plan

Introduces three-year financial roadmap, delivering annual 7-9% comparable store sales growth, 10-12% revenue growth, and 15-20% Non-GAAP EPS growth.

Recipe for reinvention: Starbucks unveils innovations for better customer, barista experiences

At Starbucks Tryer Center, as part of the Reinvention plan, baristas and Starbucks Support Center teams create and test ideas to make stores more efficient.&nbsp;

Reimagining the Third Place: How Starbucks is evolving its store experience

Learn how Starbucks is modernizing its stores and extending its Third Place connection beyond its four walls.&nbsp;

Thriving partners: How Starbucks is radically improving the retail partner experience

At Starbucks Investor Day on Tuesday, company leaders shared commitments to radically improve the retail partner experience, renew well-being and unlock potential by creating jobs with dignity, purpose and opportunities for growth.

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Today, Starbucks is hosting its biennial Investor Day at the Starbucks Support Center in Seattle where leaders will showcase the company’s Reinvention plan.

Highlights from Starbucks Investor Day 2022

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Partners (employees) are the foundation of Starbucks. Retail partners create thousands of meaningful moments each day for our customers, all around the world. In the midst of that, what customers order has changed, such as an increasing percentage of cold beverages, and the way they order has changed as well with more ordering ahead using the Starbucks app. 

Partners are working harder than ever and the work can be stressful, so Starbucks has centered a core part of its Reinvention plan on helping partners truly thrive – at work, individuals and together. Click the pdf below to learn more about the company’s commitments to help them thrive, including pay, benefits, recognition, more training, new technology and innovative equipment, as well as more ways for partners to be heard and to have a voice.&nbsp;

Starbucks leaders shared commitments to radically improve the retail partner experience, renew well-being and unlock potential by creating jobs with dignity, purpose and opportunities for growth.

How Starbucks is radically improving the retail experience

Thriving partners: How Starbucks is radically improving the retail partner experience 

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Updates Ongoing Growth Model Signaling Company is Stronger and More Resilient Than Ever&nbsp;

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SEATTLE, WA – Starbucks (NASDAQ: SBUX) today hosted its biennial Investor Day virtually. Chief executive officer Kevin Johnson and other Starbucks leaders outlined a vision for the future and discussed the company’s progress against its Growth at Scale agenda. With a focus on creating value for all stakeholders, Starbucks believes that responsible growth includes doing the right thing for both people and the planet. The company also provided updates to its ongoing growth model and aims to drive consistent and predictable sales growth and margin expansion while continuing to create significant value for all stakeholders.

“We are a purpose-driven company with a mission grounded in the human experience as we seek to have a positive impact on both people and the planet, while profitably growing our business,” said Johnson. “Over the past two years, we have further streamlined the company, sharpened our focus on accelerating growth in our two lead markets of the U.S. and China, and expanded our global reach through the Global Coffee Alliance with Nestlé while increasing returns to all of our stakeholders. Looking ahead, coffee remains a very large and attractive market that is growing globally. We are focused on growing category share and believe Starbucks is better positioned than ever for continued success.”

Starbucks leadership team emphasized caring for partners (employees) as a key building block of the company’s strategy, alongside a continued focus on creating uplifting experiences for customers while playing a positive role in communities and neighborhoods worldwide. Through the lens of this commitment, Starbucks leaders discussed the decisive actions the company has taken since the onset of the COVID-19 pandemic, rapidly adapting in the dynamic environment, further strengthening the resilience of the brand and simultaneously positioning the company for long-term growth.

Well Positioned for Shifts in Consumer Behavior&nbsp;

The recent disruption of the global pandemic has accelerated certain shifts in consumer behavior, and Starbucks has quickly adapted its business for the short- and long-term implications. Johnson provided insights in shifting consumer behaviors and how the company will continue to meet its customers however and wherever they want to engage with the brand. He shared how Starbucks continues to amplify innovation that elevates customer experiences, creates exciting new beverage platforms, and expands digital customer relationships to capitalize on five shifts in consumer behavior:

1) The fundamental need to be seen and experience a feeling of connection to others,

2) Seeking out experiences that effortlessly fit their lifestyle,

3) Appreciation of consistent experiences,

4) Desire for high-quality and sustainable products and experiences that support the well-being of people and the planet and,

5) Increasing loyalty to brands with strong values.&nbsp;

Reaffirming Fiscal 2021 Guidance and Updating Ongoing Growth Model

Starbucks executive vice president and chief financial officer Patrick Grismer reiterated the company’s FY21 guidance, which anticipates continued recovery from the effects of the pandemic, yielding an expectation of outsized growth rates for certain metrics in FY22 relative to the company’s ongoing growth rates which were updated today. Unless otherwise noted, the company’s updated ongoing growth rates are expected to apply starting in FY23 and extend through FY24.

“Today, we reaffirmed our FY21 guidance and updated our ongoing growth model, guiding to a more explicit range of non-GAAP EPS growth. While the pandemic temporarily disrupted our business, our Growth at Scale agenda has provided the focus and discipline to deliver more consistent operating results,” said Grismer. “This agenda is as relevant today as when it was introduced two years ago. Underpinned by superior brand positioning and compelling unit-level economics, we expect our global retail store base to reach approximately 55,000 units in FY30, reaching more customers with a premium Starbucks experience.”

Starting in FY23, Starbucks expects company-operated comparable store sales growth of 4% to 5% annually, both globally and in the U.S., up from 3% to 4% previously, driven by expected incremental returns from investments in retail store partners, industry-leading digital capabilities and planet positive agenda. In China, Starbucks now expects comparable store sales growth of 2% to 4% annually starting in FY23, a one percentage-point increase from the previous range of 1% to 3%, reflecting its confidence in capturing additional market share through investments in digital capabilities and innovation while continuing to open new stores at a rapid pace in its fastest-growing market.

The company’s global store portfolio is now expected to grow by approximately 6% on a net basis annually starting in FY22, fueled by impressive new-unit investment returns. While this is down from the previous range of 6% to 7%, this reflects the company’s expanding store base. The U.S. is expected to deliver net new store growth of approximately 3% starting in FY22, compared to a range of 3% to 4% previously. China’s track record of robust new store openings is expected to continue with a net unit growth rate in the low teens starting in FY22, down modestly from the company’s previous outlook of mid-teens growth given a rapidly expanding base of stores.

At the enterprise level and on an annual basis starting in FY23, Starbucks now expects ongoing revenue growth in the range of 8% to 10% and ongoing non-GAAP operating income margin in the range of 18% to 19%, both of which are one percentage point higher than previously outlined in 2018.

Pathway to a Planet Positive Future

Earlier this year, Starbucks shared its multi-decade commitment to become a resource positive company by storing more carbon than it emits, eliminating waste and replenishing more freshwater than it uses.&nbsp;

Today, Starbucks announced deeper investments in eco-friendly operations, regenerative agricultural practices, and environmentally friendly menus. This includes:

“As we approach the 50th Anniversary of Starbucks in 2021, we honor our past while looking to the future with a long runway of healthy growth ahead,” said Johnson. “We are well positioned to invest in the right areas to strengthen our competitive advantage and drive consistent, sustainable growth for decades to come. We will do this while staying true to the Mission and Values that built this great company. With Starbucks partners at our core, we believe our purpose extends far beyond the pursuit of profit, with an aspiration to positively impact the planet we all share and the people who connect with Starbucks.”

The presentations are available by webcast at <a href="http://investor.starbucks.com">http://investor.starbucks.com</a>. A replay of the webcast will also be available on the website following the event.

Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting high-quality arabica coffee. Today, with nearly 33,000 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="http://www.stories.starbucks.com">www.stories.starbucks.com</a> or <a href="http://www.starbucks.com">www.starbucks.com</a>.

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Forward-Looking Statements

Certain statements contained herein and in our investor conference call related to these results are “forward-looking” statements within the meaning of the applicable securities laws and regulations. Generally, these statements can be identified by the use of words such as “aim,” “anticipate,” “believe,” “commit,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,” “remain,” “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: the estimated financial impact related to the COVID-19 pandemic including the outlook, guidance and projections for revenues, earnings per share, comparable store sales, net new stores, and future year guidance; the nature and extent of the impact of COVID-19 on our business, operations and financial results; the anticipated timing and effects of recovery of our business; our plans for streamlining our operations, including changes in store formats and models; our ability to continue steady business improvement and improve customer and partner experiences; and our ability to emerge from this global crisis and drive long-term growth. These forward-looking statements do not represent historical data, are based on currently available operating, financial and competitive information and are subject to a number of significant risks and uncertainties. Actual future results and trends may differ materially depending on a variety of factors, including, but not limited to: further spread of COVID-19; 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 potential for a resurgence of COVID-19 infections; 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, including the successful expansion of our Global Coffee Alliance with Nestlé; our ability to obtain financing on acceptable terms; the acceptance of the company’s products by our customers, evolving consumer preferences and tastes and the availability of consumer financing; changes in the availability and cost of labor; the impact of competition; inherent risks of operating a global business; 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 the company filings with the Securities and Exchange Commission, including the “Risk Factors” section of Starbucks Annual Report on Form 10-K for the fiscal year ended September 27, 2020. The company assumes no obligation to update any of these forward-looking statements.

Non-GAAP Financial Measures

Certain non-GAAP measures included in this press release and the associated Investor Conference webcast were not reconciled to the comparable GAAP financial measures because the GAAP measures are not accessible on a forward-looking basis. The company is unable to reconcile these forward-looking non-GAAP financial measures to the most directly comparable GAAP measures without unreasonable efforts because the company is currently unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected to impact GAAP measures for these periods but would not impact the non-GAAP measures. Such items may include acquisitions, divestitures, restructuring and other items. The unavailable information could have a significant impact on the company’s GAAP financial results.

(1)&nbsp;Refer to page 22 of&nbsp;our Q4 FY20 Earnings Release on Starbucks IR website for&nbsp;the reconciliation&nbsp;of FY21 GAAP to Non-GAAP EPS.

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Starbucks hosted its biennial Investor Day. Kevin Johnson and other Starbucks leaders outlined a vision for the future and discussed the company’s progress.

Starbucks Outlines Vision for the Future and Reaffirms Strategy for Continued Growth at Scale

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Starbucks today hosted its biennial Investor Day virtually. Kevin Johnson and other Starbucks leaders outlined a vision for the future and discussed the company’s progress.

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Today, Starbucks hosted its biennial <a href="https://stories.starbucks.com/press/2020/starbucks-outlines-vision-for-the-future-and-reaffirms-strategy-for-continued-growth-at-scale/">Investor Day</a>, offering insight into the future of the company. This year, president and chief executive officer Kevin Johnson along with other key members of Starbucks leadership team discussed the company’s progress against its “Growth at Scale” agenda, demonstrating Starbucks is stronger and more resilient than ever and well positioned for the future.

Here are the Top Things to Know About Today’s Investor Conference:

1. Mellody Hobson Appointed to Chair of Starbucks Board of Directors

Starbucks today <a href="https://stories.starbucks.com/press/2020/starbucks-announces-the-appointment-of-mellody-hobson-as-non-executive-chair-of-the-board/">announced </a>the appointment of Mellody Hobson as chair of its board of directors. Hobson, who first joined the board as a director in 2005 and was appointed to board vice chair in 2018, will succeed Myron (Mike) E. Ullman, III who has served as a director on the board since 2003 and appointed to the role of chair in 2018. Hobson will assume the post following Ullman’s retirement from the Board in March 2021.

2. The Coffee Market is Large... and Growing

With coffee consumption on the rise*, Starbucks shared today it is focused on opportunities to grow its market share across at-home and away-from-home coffee. As a premium and highly differentiated brand, Starbucks leaders are fiercely optimistic about the future of coffee. The brand shared its focus on empowering innovation through elevating the customer experience and driving new and relevant beverage platforms.

3. New Starbucks Stores are Coming to Your Neighborhood

Starbucks has nearly 33,000 company operated and licensed stores around the world. By 2030, the company expects to reach approximately 55,000 stores and continues to develop experiences that address evolving customer routines and deliver the Third Place experience. In the U.S., this will include a mix of <a href="https://stories.starbucks.com/stories/2020/starbucks-to-accelerate-expansion-of-drive-thru-pickup-and-curbside-pickup/">new store formats</a> and experiences, including Drive-Thru, Starbucks® Pickup and curbside pickup, designed to meet customers however and wherever they want to engage with Starbucks.

In Starbucks second biggest growth market, China, the company expects to open approximately 600 new stores across the mainland in the next year – 10 percent of which will be <a href="https://stories.starbucks.com/press/2019/starbucks-unveils-express-retail-store-experience-in-beijing-starbucks-now/">Starbucks NOW</a> stores – and is on track to reach 6,000 stores in 230 cities by the end of fiscal year 2022. &nbsp;

4. Starbucks is Staying Ahead of Shifting Customer Behaviors

The global pandemic has accelerated certain changes in customer behaviors, and Starbucks was well prepared to quickly adapt its business for these short-and-long term shifts. The company has amplified innovation around five shifting customer behaviors:

Johnson expects Starbucks will extend its market leadership position globally as the company flexes its store formats and digital capabilities to be available for customers whenever – and wherever – they are in their day.

5. The Digital Starbucks Experience is About to Get Even Better

More than a decade since launching the industry-leading Starbucks Rewards™ loyalty program in the U.S., the program boasts 19.3 million 90-day active members (plus 13.5 million additional 90-day active members in China). This group of customers does more than inspire loyalty – Starbucks Rewards members also <a href="https://stories.starbucks.com/press/2020/starbucks-reports-q4-fiscal-2020-results/">drive</a> nearly 50% of Starbucks revenue.

Looking ahead, customers can expect a more personalized digital experience – <a href="https://stories.starbucks.com/stories/2020/how-starbucks-plans-to-use-technology-to-nurture-the-human-spirit/">made possible by Starbucks artificial intelligence</a> (AI) initiative called <a href="https://stories.starbucks.com/stories/2020/how-starbucks-plans-to-use-technology-to-nurture-the-human-spirit/">Deep Brew</a>– tailored to where they live and what they order. Leveraging AI to deepen digital relationships and architect experiences will allow Starbucks to both surprise and delight customers in new and different ways.

6. Cold Beverage Innovation this Spring with Iced Shaken Espresso and Oatmilk

Starbucks reported its cold beverage platform has grown by nearly 45 percent over the past four years and the company will continue to innovate with non-dairy options. Starbucks began offering non-dairy milk to customers in the U.S. in 1997 when it added soymilk to menus. With the rising popularity of non-dairy beverages, coconutmilk was added in 2015 and almondmilk in 2016.

Following a successful regional rollout across the U.S. this year, Starbucks will launch oatmilk in all stores in the U.S. this Spring 2021, joining existing non-dairy options, as well as a growing menu of <a href="https://stories.starbucks.com/stories/2020/plant-based-menu-innovation-at-starbucks/">plant-based options</a> across platforms from espresso, to cold brew, refreshment and food, as well as <a href="https://stories.starbucks.com/press/2020/starbucks-non-dairy-creamers-launching-nationwide/">non-dairy creamers</a>.

7. Following Partner&nbsp;(employees)&nbsp;Investments, Business is Recovering at Accelerated Pace

Starbucks has always been a company focused on caring for its partners, including those who work part-time– from offering coverage and access to healthcare to <a href="https://www.starbucks.com/careers/working-at-starbucks/education">college tuition coverage</a> and <a href="https://stories.starbucks.com/press/2020/starbucks-transforms-mental-health-benefit-for-us-employees/">mental health benefits</a>. The onset of COVID-19 further amplified this long-standing commitment to put people first.

From the earliest days of the pandemic, <a href="https://stories.starbucks.com/press/2020/what-customers-need-to-know-about-starbucks-response-to-covid-19/">Starbucks moved quickly</a> to create new safety protocols and expand benefits and compensation to support partners to ensure no Starbucks partner would have to choose between coming to work and their personal well-being. As the business has continued to recover through the pandemic, thanks to the hard work of all Starbucks partners, investments in partners will continue, starting with a recently announced raise of at least 10% hourly partners in U.S. stores going into effect on December 14.&nbsp;

8. Starbucks Expands Renewable Energy Investments; Commitment to Sustainably Sourced Dairy

Earlier this year, Starbucks shared a commitment to become a <a href="https://stories.starbucks.com/stories/2020/starbucks-announces-multi-decade-aspiration-to-become-resource-positive/">resource positive company</a> by storing more carbon than it emits, eliminating waste, and replenishing more freshwater than it uses. Today, the company formalized its 2030 environmental goals to cut its carbon, water, and waste footprints by half. To reach these goals, Starbucks announced updates on the future of sustainably sourced dairy, a diversified renewable energy portfolio, and the Starbucks Coffee Innovation Park in China.

Set to open in 2022, the <a href="https://stories.starbucks.com/press/2020/starbucks-coffee-innovation-park-in-china-extends-global-roasting-network/">Starbucks Coffee Innovation Park</a> will incorporate advancements in sustainable manufacturing, smart supply chain innovation, and technology to support the aspiration to deliver the most energy- and water-efficient roasting operations for Starbucks in the world.

9. Starbucks Increases Global Farmer Fund to $100 Million

Today, Starbucks continued its support in ensuring a sustainable, profitable future for coffee farmers globally, announcing it is increasing its Global Farmer Fund to $100 million, which represents an additional $50 million investment. Through the use of the Global Farmer Fund, coffee growers can renovate and strengthen their farms and farming practices to be even more productive and sustainable. Looking toward the company’s resource-positive future, Starbucks will continue seeking advancements to reduce its carbon and water footprints in green coffee.

*Euromonitor expects the Coffee Addressable Market to increase 5-6% to $450B of revenue globally in 2023

This year, Kevin Johnson along with other key members of Starbucks leadership team discussed the company’s progress against its “Growth at Scale” agenda.

Top things to know from Starbucks (virtual) Investor Day

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