Starbucks Promotes Leo Tsoi to CEO of Starbucks China

Starbucks Coffee Company announced the promotion of Leo Tsoi to chief executive officer of Starbucks China. Serving as Starbucks China’s chief operating officer and president of Starbucks Retail for the last five years, Tsoi has led efforts to grow Starbucks footprint across the Chinese mainland to 5,200 stores across more than 200 cities today. He has engineered the development of a robust and diversified store portfolio by pioneering new store concepts, which have influenced new coffee-inspired lifestyles and further elevated third place experiences for Starbucks customers in China.

As one of the leading architects behind Starbucks China’s phenomenal growth since he rejoined the company in 2012, Tsoi previously served in various leadership positions, including...

Starbucks to Bring Iconic Coffeehouse Experience to Barbados

Starbucks Coffee Company in partnership with Caribbean Coffee Traders Limited (CCTL), announced it will open its first location in Barbados this year, bringing its unique Starbucks Experience to local customers for the first time.

Located in Haggatt Hall St. Michael, the new location will provide local customers high-quality arabica coffee from around the world through Starbucks handcrafted beverages prepared by...

Starbucks Announces Leadership Promotions 

Starbucks Corporation announced several leadership appointments to advance the company's strategic business goals and position Starbucks on a clear growth path for the future. The company announced the promotions of John Culver as group president, North America and chief operating officer, Michael Conway to group president, International and Channel Development, and Michelle Burns to executive vice president, Global Coffee, Tea and Cocoa. These changes are effective as of June 28, 2021.

“As we plan for the 2022 fiscal year and beyond, Starbucks is fortunate to have a deep, talented and diverse team of senior executives we are able to tap to help lead us forward,” said Kevin Johnson, president and chief executive officer. “These appointments support our Growth at Scale agenda to bring about...

Starbucks Announces Leadership Promotions

Starbucks Corporation announced several leadership appointments to advance the company’s strategic business goals and position Starbucks on a clear growth path for the future. The company announced the promotions of John Culver as group president, North America and chief operating officer, Michael Conway to group president, International and Channel Development, and Michelle Burns to executive vice president, Global Coffee, Tea and Cocoa. These changes are effective as of June 28, 2021.

“As we plan for the 2022 fiscal year and beyond, Starbucks is fortunate to have a deep, talented and diverse team of senior executives we are able to tap to help lead us forward,” said Kevin Johnson, president and chief executive officer. “These appointments support...

Starbucks Reports Q2 Fiscal 2021 Results

Starbucks Corporation reported financial results for its 13-week fiscal second quarter ended March 28, 2021. GAAP results in fiscal 2021 and fiscal 2020 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.

“I am very pleased with our progress to date in fiscal 2021, as our second quarter results demonstrated impressive momentum in the business with full sales recovery in the U.S. Our strong results validate...

Shifting Trends See Global Food Giants Ramp Up Their Plant-based Offerings

The past few years have seen plant-based meat and dairy alternatives go from a niche product to a mainstream trend, and finally to a mainstay in the food industry. Now that the average consumer has had the opportunity to try plant-based alternatives, the market has spoken and plant-based foods are taking a much larger role in the food industry in 2021.

Plant-based offerings are being added to the lineups of the world's largest food producers, multinational restaurants and cafes, and to important segments like the infant nutrition space. It's clear that the largest players in the food industry like Tyson Foods, PepsiCo, Starbucks Corporation, and Yum! Brands, along with innovative plant-based foods companies like...

Starbucks Reports Q1 Fiscal 2021 Results

Starbucks Corporation reported financial results for its 13-week fiscal first quarter ended December 27, 2020. GAAP results in fiscal 2021 and fiscal 2020 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.

“I am very pleased with our start to fiscal 2021, with meaningful, sequential improvements in quarterly financial results despite ongoing business disruption from the pandemic. Investments in our partners, beverage innovation and digital customer relationships continued to fuel our recovery and...

Starbucks Announces Chief Financial Officer Succession

Starbucks Corporation announced that after a more than 35-year career in finance, Patrick Grismer has decided to retire from his position as executive vice president and chief financial officer (cfo) of the Company effective February 1, 2021. Rachel Ruggeri, senior vice president of Finance, Americas and a 16-year Starbucks partner, will succeed Grismer as executive vice president and cfo, effective February 1, 2021. Ruggeri will report to Kevin Johnson, Starbucks president and chief executive officer. Grismer will remain with the company as an advisor to Johnson through May 2, 2021, to ensure a smooth transition.

“I want to thank Pat for his leadership and his many contributions to Starbucks through this period of unprecedented change and transformative growth. He has played an important role helping...

Britain’s Drive Thru Spend Up 45% September to November 2020

The trend for ordering food and drinks from our cars at Britain’s growing number of drive-thru restaurants soared from September to November 2020 according to global information company The NPD Group. There were 121 million visits to Britain’s 2,000 quick service restaurants (QSR) that offer drive-thru in those three months in 2020, a 14% increase on the same period last year. Spend was up 45% to £723m over this time frame, with consumers tending to place larger-than-average orders at the drive-thru window.

According to footfall analysis from NPD’s SnapMyEats data, the growth in drive-thru in these three months was a result of consumers switching from eating in and takeaway options during lockdowns and tiering, rather than...

Starbucks Announces the Appointment of Mellody Hobson as Non-Executive Chair of the Board

Starbucks Corporation announced that Mellody Hobson will serve as the company’s next non-executive chair of its board of directors starting in March 2021. Hobson, who first joined the board as an independent director in 2005 and was appointed as the board’s independent vice chair in 2018, will succeed Myron (Mike) E. Ullman, III. Ullman, who has served on the board since 2003 and has served as its chair since 2018, will retire from the board in March 2021, and Hobson will assume the role of chair in connection with the Starbucks Annual Meeting of Shareholders in March 2021.

“It has been remarkable to be a part of the Starbucks board for nearly 18 years as this enduring company has grown with a mindset of prioritizing its people and...

Starbucks Reports Q4 Fiscal 2020 Results

Starbucks Corporation reported financial results for its 13-week fiscal fourth quarter ended September 27, 2020. GAAP results in fiscal 2020 and fiscal 2019 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.

“I am very pleased with our strong finish to fiscal 2020, underpinned by a faster-than-expected recovery in our two lead growth markets, the U.S. and China. These results demonstrate the continued strength and relevance of our brand, the effectiveness of...