Starbucks Corp.
SBUX,
late Thursday detailed plans to save $3 billion in three years, become bigger overseas, and double its reward members within five years. The goals are “elevating the Starbucks brand, strengthening the company’s digital capabilities, and becoming truly global,” the company said. The company also talked about improving its “partner culture,” which has been under criticism in recent months and at the center of heightened unionizing efforts by employees. “I am immensely proud of the work we have done so far in reinventing and re-founding the company for its next phase of growth. I am excited about our multiple paths to revenue growth and earnings, which should give you confidence in our ability to meet our goals,” Chief Executive Laxman Narasimhan, who took over in March, said in a statement. The company’s “reinvention” plans were first introduced by former CEO Howard Schultz last year. The plan is “the next step in the re-founding of the company,” Starbucks said. The company earlier Thursday reported third-quarter earnings that crushed estimates, and the stock ended the trading day up 9.5%.
