Starbucks Corp Stock Price, News & Analysis

Starbucks announced new benefits to support eligible partners with savings and student loan debt effective September 19, 2022. The initiatives include My Starbucks Savings, allowing partners to save directly from their paychecks with up to $250 in incentives, and a Student Loan Management Benefit through Tuition.io to help manage loan repayments. These programs address financial pressures faced by partners, particularly during high inflation, and aim to enhance overall financial stability.

Starbucks (SBUX) announces Laxman Narasimhan as the new CEO, set to officially take the role on April 1, 2023, after a transition period starting October 1, 2022. Narasimhan relocates from London and brings over 30 years of experience, previously serving as CEO of Reckitt. Howard Schultz will remain as interim CEO and advisor during this transition. Narasimhan aims to enhance the brand's growth through his operational expertise and commitment to innovation. Schultz expressed confidence in Narasimhan’s ability to lead Starbucks into its next growth phase.

Starbucks has partnered with Volvo and ChargePoint to install up to 60 DC fast chargers in 15 Starbucks locations along a 1,350-mile route from the Colorado Rockies to Seattle. The first four chargers are operational in Provo, Utah. This initiative aims to boost EV infrastructure, assisting both EV drivers and Starbucks customers. While any EV can use these chargers for a fee, Volvo drivers will enjoy complimentary access. The project aligns with Starbucks' sustainability goals, including a 50% reduction in carbon footprint by 2030.

Starbucks (SBUX) reported Q3 fiscal 2022 results with consolidated net revenues of $8.2 billion, a 9% increase from the previous year. Comparable store sales rose 3% globally, driven by a 9% increase in the U.S. The company opened 318 new stores, reaching a total of 34,948 locations. However, earnings per share decreased to $0.79 GAAP, down from $0.97 year-over-year. The North America segment saw revenue growth of 13%, while international revenues declined by 6%, primarily due to challenges in China. Starbucks suspended guidance for the remainder of the fiscal year.

Starbucks Corporation (SBUX) will release its third quarter fiscal year 2022 financial results after market close on August 2, 2022. A conference call is scheduled for 2:00 p.m. Pacific Time, accessible on the company's website with closed captioning available. The webcast replay can be viewed until September 2, 2022. Starbucks has over 34,000 stores globally and is recognized as the leading retailer of specialty coffee.

Starbucks Corporation (NASDAQ: SBUX) has declared a dividend of $0.49 per share of common stock. This dividend will be paid on August 26, 2022, to shareholders who are on record as of August 12, 2022. With over 34,000 stores globally, Starbucks continues its commitment to ethically sourcing high-quality arabica coffee, further solidifying its position as a leading specialty coffee retailer.

Starbucks (NASDAQ: SBUX) is set to host its 2022 Investor Day on September 13, 2022, in Seattle. The event begins at 7:30 a.m. PT and concludes at approximately 3:00 p.m. PT. Senior leadership, including interim CEO Howard Schultz and CFO Rachel Ruggeri, will present and participate in a Q&A session. Due to limited capacity, in-person attendance is by invitation only, but the event will be webcast for public access. A replay will be available the following day on the company’s website.

Starbucks Corporation (NASDAQ: SBUX) Board confirms the ongoing search for a new CEO, with Howard Schultz remaining as interim CEO through Q1 2023. This extension aims to ensure leadership continuity during the 2022 holiday season. Since April 4, Schultz has engaged with employees to outline a strategic plan for the company's reinvention. The Board anticipates naming a new CEO by Fall, with a transition planned in early 2023, after which Schultz will remain on the Board.

Starbucks (NASDAQ: SBUX) has entered a definitive agreement for Bolthouse Farms to acquire Evolution Fresh, known for its organic, cold-pressed juices. This acquisition aims to accelerate Evolution Fresh's growth while allowing Starbucks to focus on its core business. The transaction will transfer employees supporting Evolution Fresh to Bolthouse Farms. Bolthouse Farms will expand its beverage offerings with a full lineup of organic juices, and Starbucks locations will continue selling these products. The undisclosed deal is expected to close later this year.