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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...
Study Sheds Light on U.S. Consumer Preferences on Conventional and Alternative Protein Products
In the past six months, players within the plant-based protein industry have been dazzled by the performance of their alternative burgers, patties, nuggets, and sausages. As reported by the Good Food Institute (GFI) overall plant-based product sales increased to a peak of...
Starbucks Reports Q3 Fiscal 2020 Results
Starbucks Corporation reported financial results for its 13-week fiscal third quarter ended June 28, 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.
“Since the beginning of the COVID-19 outbreak in January, we have taken a principled approach to navigate the crisis, true to our mission and values. Every step of the way, we have thoughtfully addressed the needs of Starbucks stakeholders and are particularly proud of the industry-leading investments we have made to support our partners while creating...
Starbucks Reports Q2 Fiscal 2020 Results
Starbucks Corporation reported financial results for its 13-week fiscal second quarter ended March 29, 2020. GAAP results in fiscal 2020 and fiscal 2019 include items which 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.
“People around the world are united around a common cause as we navigate the COVID-19 situation globally. We are very grateful for the heroic efforts of medical personnel, first responders, government officials and volunteers who are working tirelessly in the service of others. I am exceptionally proud of...
Starbucks to Re-Open Some Stores with ‘Modified’ Ops Starting May 4
Starbucks Corp. is making plans to re-open stores as it readies for a phase it called “monitor and adapt.”
Beginning May 4, Starbucks said it will re-open as many stores as it can with modified operations and best-in-class safety measures. Similar to its experience in China, where more than 95% of its stores have now re-opened, Starbucks said it will gradually expand and shift its in-store customer experiences.
Some locations will continue as drive-thru only, while others may feature mobile ordering for contactless pickup and delivery. Still others may reopen for “to-go” ordering. (More than 60% of Starbucks’ U.S. stores include...
Restaurants in America Offer Contactless Delivery Similar to China's Model
During the wake of the coronavirus outbreak in China, the country began taking extraordinary steps to prevent the spread of the virus by introducing contactless delivery services to keep customers and employees safe. As part of the process, customers order remotely via mobile phones or computers, and workers seal the meals in bags and place them in a pre-determined location without any human contact.
Some reports stated that these contactless delivery options also come with a card that provides the name and temperature of the person who made the food, as well as the person who delivered it. Quick service chains taking these precautions in China include McDonald's, Starbucks, and...
Starbucks Reports Q1 Fiscal 2020 Results
Starbucks Corporation today reported financial results for its 13-week fiscal first quarter ended December 29, 2019. GAAP results in fiscal 2020 and fiscal 2019 include items which 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.
“Building on solid business momentum from fiscal 2019, Starbucks performed very well throughout the first quarter, including one of the strongest holiday seasons in the history of our company. As a result, we are off to a strong start in fiscal 2020,” said Kevin Johnson, president and ceo. “Our growth was fueled by a healthy balance of comparable sales growth and new store development, as well as...
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