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Starbucks projects double-digit revenue growth as it 'reinvents' itself
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Starbucks interim CEO Howard Schultz said during its Investor Day Tuesday that the largest U.S. coffee chain will see double-digit revenue growth as it continues to "reinvent" the store, customer and partner experience.
Schultz, who will be replaced in April 2023 by incoming CEO Laxman Narasimhan, touted the company's success despite current economic challenges and sweeping unionization efforts as it works on its next phase of growth.
Schultz, who temporarily took over in April, even noted that inflation has not impeded on customer demand.
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"So far we have been immune … from any recognition whatsoever that there is a downturn in customer traffic, a downturn in terms of average ticket," Schultz said.
Schultz said that there has been a dramatic shift in it business with drive-thru now accounting for 50% of U.S. sales and mobile order accounting for 25%. There has also been a surge in demand for cold beverages. Still, Starbucks has successfully adapted to these changes, he said.