Starbucks Corp.

This report does not constitute a rating action. Overview Key strengths Key risks World's leading coffee retailer by revenue, with significant scale advantages Challenges related to the COVID-19 pandemic are suppressing customer traffic and sales volumes in certain regions Global brand recognition and strong customer loyalty Exposed to commodity, labor, health care, and other operating-expense pressures Leading digital capabilities within the restaurant industry Accelerating shareholder returns accelerating store growth, in-store productivity improvements, and strong customer loyalty will drive continued operating momentum in fiscal 2022. Global comparable-store sales grew 17% in the company's fiscal fourth quarter (ended on Oct. 3, 2021) led by returning customer traffic and higher order sizes. Starbucks? leading cold beverage platform, well received seasonal menu offerings, and

...We believe accelerating store growth, in-store productivity improvements, and strong customer loyalty will drive continued operating momentum in fiscal 2022. Global comparable-store sales grew 17% in the company's fiscal fourth quarter (ended on Oct. 3, 2021) led by returning customer traffic and higher order sizes. Starbucks' leading cold beverage platform, well received seasonal menu offerings, and higher breakfast food sales contributed to record average ticket amounts. Cold beverages, which carry higher menu prices and generate more profit, now account for 75% of beverage sales. Recognizing this growth, which we expect will continue as Starbucks introduces new menu innovations, the company is testing new cold beverage stations in select stores that have the potential to benefit both customer and employee satisfaction. Starbucks is accelerating new store development this year, planning to open 2,000 net new locations, including approximately 75% internationally. This follows approximately...

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