Howard Schultz, chairman, president and ceo of Starbucks Coffee Company (NASDAQ:SBUX), opened the company’s Annual Meeting of Shareholders by recognizing company partners (employees) and highlighting the company’s continuing robust operating performance. Schultz and other company executives announced a breakthrough innovation in Starbucks loyalty and rewards program, shared progress and future plans for its recent La Boulange, Evolution Fresh and Teavana acquisitions and offered a comprehensive overview of how Starbucks is using its global scale to create positive, local impact in the communities where it operates and where its partners and customers live and work.
Annual meeting highlights included:
- Thanks and appreciation from company shareholders via webcast to the 200,000 Starbucks partners around the world who deliver the Starbucks Experience to over 70 million customers in 62 countries each week.
- The announcement by Adam Brotman, chief digital officer, of an expansion of the company’s loyalty and rewards program, and an industry-first innovation that will enable customers to earn rewards for grocery channel purchases that can be redeemed in Starbucks retail stores and is expected to double the number of customers enrolled in the company’s programs in fiscal 2013.
- Brotman also announced that Starbucks mobile payment platform is now generating over three million U.S. mobile payment transactions per week.
- Blair Taylor, Starbucks chief community officer, announced the launch of a new nonprofit corporation with a $1 million seed grant to introduce job skills, leadership and apprenticeship programs to young people across the company’s multi-billion-dollar supply chain, and further expansion of the company’s support for U.S. manufacturing through an order for 100,000 ceramic mugs from a supplier in Ohio whose operations Starbucks helped expand through previous purchasing commitments.
- A discussion by Troy Alstead, chief financial officer, of region-by-region and individual segment performance for fiscal 2012 and a reaffirmation of the company’s fiscal 2013 revenue and EPS growth targets.
- Schultz’s recognition of Starbucks 15-year business partnership with Mohammed Alshaya, Executive Chairman, M.H. Alshaya Co., including comments about how bringing specialty coffee to the Middle East serves as a model for the company’s future expansion initiatives.
“The opportunity we have to create value for our shareholders is exceeded only by our unique ability to contribute meaningfully to the communities we serve around the world,” said Schultz. “From leveraging and expanding our strong global business partnerships, to bringing innovation to our customers and each of the markets and channels in which we operate, to expanding our broad array of digital customer touch points and deepening our ethical sourcing model, Starbucks is continuing to grow with passion and intent to become one of the world’s most relevant, admired and trusted brands.”
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