China Food

Financial report interpretation: Starbucks blood transfusion cannot catch up with bleeding


“ 
The quarterly revenue of
in China plunged by 40%.
 ”
In the two core regions of the world, China and the United States, Starbucks is in a dilemma.
according to the report of the third fiscal quarter of fiscal year 2022 released by Starbucks as of July 3, the total revenue of the third fiscal quarter was US $8.15 billion, an increase of 9% year-on-year; The net profit was US $910million, a year-on-year decrease of 20.9%.
In the United States, the largest market of
, Starbucks had a revenue of US $5.62 billion, a year-on-year increase of 13%. Thanks to the increase of 8% in average customer unit price and 1% in passenger flow, its same store sales increased by 9%. Up to now, the number of paid members of Starbucks has increased by 13% in the United States, reaching 27.4 million.
Howard Schultz, interim CEO of Starbucks, said that despite inflation, American consumers have not reduced or reduced their spending on coffee. As other catering companies, including McDonald’s, have warned that higher natural gas and grocery bills are reducing the frequency of customers’ visits to the store, Schultz responded that Starbucks’ pricing power and customer loyalty will enable it to rise against the trend.
but in China, the second largest market, Starbucks is still suffering from a continuous decline in sales. In the third fiscal quarter, Starbucks China’s revenue was US $540 million, a year-on-year drop of 40%. Affected by the drop of 43% in passenger flow and 1% in average unit price, Starbucks China’s same store sales dropped 44%.
The direct impact of the decline in the performance of
in the Chinese market is that the revenue of Starbucks’ international departments except North America decreased by 6% year-on-year and the same store sales decreased by 18%. Schultz explained that “this is mainly due to the restrictions related to covid-19 in China and the impact of foreign currency conversion from China.”
according to Schultz, part of the loss from the decline in revenue in the Chinese market is being offset by the growth in Starbucks’ franchise store revenue, including higher product sales, royalty revenue, and the growth brought about by the transformation of the Korean market from joint ventures to full franchising. In the third fiscal quarter of
, Starbucks opened 318 new stores worldwide, bringing its total number of stores to 34948, of which 51% were self operated stores, 49% were franchised stores, and 61% were stores from the United States and China. So far, Starbucks has 15650 stores in the United States and 5761 stores in China. The
benefited from the earnings and revenue data higher than Wall Street’s expectations, and Starbucks shares rose more than 1% after hours. However, Starbucks’ share price has fallen by more than 30% since this year.
at the financial report meeting, Schultz reiterated his emphasis on the Chinese market and believed that “Starbucks’ business in China will eventually surpass that of the United States”. In order to realize this vision, Schultz also needs to lead Starbucks to continue to inject blood into the Chinese market.
Since the beginning of fiscal year 2022, star
Where does the money come from? Schultz’s method is nothing more than “reducing cost and increasing efficiency”.
according to the times, Starbucks is planning to sell all its businesses in the UK in the face of the uncertain and increasingly fierce UK market brought by the epidemic, and is currently looking for external consulting companies to cooperate. Starbucks responded by saying that it would continue to “weigh strategic options” for its international direct business in the future.
entered the UK one year earlier than the Chinese market. At present, there are about 1000 stores in China, of which about 30% are direct stores. BBC analysis believes that the changes in consumer habits brought about by the epidemic have forced most enterprises to adjust their responses, resulting in rising costs. In addition to the sale of the international business of
with uncertain prospects, Schultz is also trying to tap the most profitable potential in the United States, such as increasing the customer flow of stores and enhancing employee efficiency.
at the DealBook DC forum held by the New York Times in June, Schultz proposed to abolish the free open toilet policy in the United States. The reason given was that with the increasingly serious psychological crisis of people, opening public toilets would bring potential safety risks to Starbucks customers and employees.
however, according to CBS News, from a commercial perspective, this may be understood as Schultz’s attempt to boost passenger traffic. One study pointed out that after Starbucks opened its toilets, the number of customers in its stores dropped by 6.8% compared with its competitors, and the time spent in Starbucks was also 4.2% lower than that of its competitors. This is not the first time Schultz has done this for
to sell its regional business and reshape its corporate culture. As early as 2007, when Starbucks was in crisis due to its rapid expansion, Schultz, who came out of the mountain again, made the concept of “third space” take root in Starbucks through radical “slimming plan” and measures such as rebuilding relations with customers and communities, and successfully led Starbucks out of its predicament.
at present, Schultz began to “repeat his old skills”. In July, in a letter to Starbucks partners, Schultz shared a series of new principles and new partnerships with a view to reshaping Starbucks into a new chapter.  
Schultz
mentioned that Starbucks needs to re inspire and cultivate the spirit of employees. Schultz is not alone in worrying about employee efficiency. Like Google, it also began to launch a rationalization proposal solicitation plan called “simple cycle” internally. Google CEO Pichai clearly pointed out that Google’s current production efficiency does not match the total number of employees. He hoped that employees would help the company create a new corporate culture, pay more attention to the company’s mission and vision, and put more energy on products and customers.
for Starbucks, a major means to stimulate employee efficiency is the adjustment of the salary system. On the first day of taking over the post of CEO of Starbucks in April this year, Schultz announced that he would stop the stock repurchase program of Starbucks. One of the purposes is to invest more profits in employees to enhance the attraction to talents.
is not only for the United States, but also for retaining talents
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Financial report interpretation: Starbucks blood transfusion cannot catch up with bleeding
其中提到,当下的星巴克需要重新激发和培养员工精神。为员工效率发愁的也不只是舒尔茨。大如谷歌,也开始在内部掀起一个名为“简单周期”的合理化建议征集计划,谷歌CEO皮查伊明确指出,谷歌目前的生产效率,和员工总数不相匹配。他希望员工们帮助公司创建一个新的企业文化,更多关注公司使命愿景、把更多精力放在产品和客户身上。
对于星巴克来说,激发员工效率的一大手段则是薪酬体系的调整。今年4月重掌星巴克CEO一职的第一天,舒尔茨就宣布停止星巴克股票回购计划,目的之一是为了将更多利润投资到在职员工身上,以增强对人才的吸引力。
不仅针对美国,为了挽留人才,星巴克中国也开始提高员工工资和福利。去年11月,星巴克中国官网宣布,自2021年10月开始,所有星巴克中国的全职门店零售伙伴(员工),都将首次享有“14薪”。
在财报电话会上,舒尔茨对外宣布,将在2022财年投资10亿美元,用于对合作伙伴和门店进行额外投资,如加薪、现代化培训和协作、门店创新等行为。
除了短期的提效举措,舒尔茨还为星巴克规划了一些长远打算。
如进军新能源汽车赛道。今年3月份,星巴克官宣正式进军电动车补能赛道,与沃尔沃合作铺设直流充电网络。同时星巴克还透露,之后会继续扩大在新能源方面的投入,并且承诺到2030年,星巴克充电站将会全部使用太阳能作为电能来源。
直面派曾在《舒尔茨三救星巴克》中提到,对于星巴克来说,无疑可以利用充电的时间来撬动潜在客户群体,使其成为门店的新增消费用户,进而提升门店客单价,而通过联动当下火热的新能源汽车赛道,无形中又会加大对Z世代年轻消费群体的吸引力。
这还没完,进入5月份,星巴克又赶了波NFT的流行风口,称将使用区块链技术构建Web3数字“第三空间”,并将在年底前推出首个NFT数字藏品,该藏品将以咖啡艺术和故事叙述为基础。
按照官方规划,星巴克的数字社区Web3将是一个易于交互、可广泛访问的前端组合,并会联手其他世界级品牌,创建一系列品牌NFT集合。
舒尔茨解释称,星巴克相信NFT具有广泛的潜力,它会成为星巴克增值业务的收入来源。
“第三空间”所衍生而来的空间文化,支撑起了星巴克强大的品牌溢价,这种文化认同感反过来哺育着星巴克的周边,能够在同类市场产品中攫取高额利润。但在虚拟的数字空间,星巴克这套体系还能否获得年轻一代的消费认可,将是舒尔茨推行NFT的直接挑战。
从1987年挽救星巴克于财务危难,到2008年带领星巴克成功转型,外界都在期待2022年第三次出山的舒尔茨,能否继续上演奇迹。
根据星巴克董事会公告,作为临时CEO的舒尔茨,将在今年秋季之前选出下一任正式CEO人选,其本人则可以继续担任临时CEO至2023财年第一季度。
但从资本市场反馈来看,出任CEO四个月以来,舒尔茨带领下的星巴克股价始终未能走出低迷,仍在下滑区间摆动。星巴克想要重回千亿美元市值,或许只能等待中国市场的表现了。
原文标题:星巴克输血赶不上流血
者:赵晋杰;来源:盒饭财经(ID:daxiongfan),转载已获得授权。
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