Starbucks will spend another $450mn to overhaul its coffee machines and stores as it seeks to accelerate its growth, catch up with changing consumer tastes and repair relations with restive baristas.
The company had “lost its way” in recent years, said Howard Schultz, the founder who returned as interim chief executive in April. But, he predicted, “the best days of Starbucks are ahead of us”.
Schultz said Starbucks would rebound faster than it had after an earlier crisis in 2008. He told an investor meeting in Seattle on Tuesday that the company would deliver double-digit revenue increases long term, at the top end of earlier projections, with a similar expansion in profits.
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