Starbucks hikes long-term financial forecast as it unveils reinvention plan

PUBLISHED TUE, SEP 13 202211:43 AM

Source: CNBC by Amelia Lucas

• Outgoing Starbucks CEO Howard Schultz said the coffee giant is projecting double-digit growth for revenue and earnings per share as it implements a strategy to reinvent its business.
• The company’s previous long-term forecast projected adjusted earnings per share growth of 10% to 12%, revenue growth of 8% to 10% and global same-store sales growth of 4% to 5%.
• Starbucks hiked its long-term financial forecast on Tuesday after outlining a series of changes coming to its cafes as part of its reinvention plan.The Seattle-based company is projecting earnings per share growth of 15% to 20% annually over the next three years, up from its prior long-term outlook given in late 2020. Global and U.S. same-store sales are expected to rise 7% to 9% annually.