(CercleFinance.com) – Starbucks Coffee unveiled a new strategic plan last night intended to restart its growth, but the absence of numerical forecasts seemed to disappoint investors somewhat.
A little more than thirty minutes after the opening, the title of the coffee chain rose by 2.5%, significantly outperforming an S&P 500 index up by 0.8%.
The stock had already jumped 9.5% yesterday in the wake of quarterly results above expectations.
In a press release published Thursday after the close of Wall Street, the Seattle group explained that it wanted to ‘reinvent itself’ with the implementation of a new strategic roadmap.
The project aims to enhance the brand with better managed points of sale, accelerate restaurant renovations and increase innovations, all possible avenues to revitalize its long-term growth.
‘I am delighted to see that we have numerous levers in terms of the growth of our turnover and our results, which should strengthen our confidence in our ability to achieve our objectives,’ underlined its managing director Laxman Narasimhan during a presentation to investors in New York.
Investors, however, seemed to regret the absence of quantified objectives in this plan.
Starbucks simply indicated that it planned to have 55,000 points of sale by 2030, compared to 38,000 today, which represents the opening of eight new salons per day on average.
The company also plans to generate savings of three billion dollars over the last three years, an amount that it intends to redistribute to its shareholders against a backdrop of improving margins and results.
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