$3 Billion In 3 Years: Inside Coffee Giant Starbucks Mega Cost Saving Plan

$3 billion in 3 years. That¡¯s what Starbucks is aiming to save in costs. The coffee giant recently revealed this on Thursday when it presented the latest stage in its plan to drive growth for the company.?

Vanya GautamUpdated: Nov 03, 2023, 18:13 IST
2 min read
$3 Billion In 3 Years: Inside Coffee Giant Starbucks Mega Cost Saving Plan
starbucks

$3 billion in 3 years. That¡¯s what Starbucks is aiming to save in costs. The coffee giant recently revealed this on Thursday when it presented the latest stage in its plan to drive growth for the company.

Starbucks is aiming to accelerate its global footprint by opening more stores while at the same time saving $3 billion in costs over the next three years.

What Has Starbucks Announced?

Why Starbucks unsplash

Starbucks has said that it plans to expand to 35,000 locations outside of North America by 2030. Starbucks currently has roughly 20,200 international cafes, as of October 1. In total, the coffee giant aims to reach 55,000 locations globally by 2030, up from its current count of more than 38,000, as per a CNBC report.

¡°Three out of every four new stores over the near term is expected to be opened outside of the U.S. as our store portfolio becomes increasingly global,¡± Michael Conway, president of Starbucks¡¯ international and channel development divisions, said during a company presentation.

During the company¡¯s conference call, CEO Laxman Narasimhan said the company¡¯s ¡°reinvention¡± plan, unveiled last September, is moving ahead of schedule, driving both sales and efficiency for Starbucks.

Also Read: How Coffee Giant Starbucks Also Works As An 'Unregulated' Bank

How Will Starbucks Save $3 Billion In 3 Years?

Why Starbucks moneycontrol

Starbucks also announced a $3 billion cost-savings plan. Executives said $1 billion of those savings will come from making its stores more efficient. The rest will come from saving on the cost of goods sold.

The final piece of what Starbucks called its ¡°Triple Shot Reinvention Strategy,¡± announced Thursday, calls for wage increases for baristas, doubling their hourly income over fiscal 2020 earnings by the end of fiscal 2025. That jump will come from both increased hours and higher pay. Starbucks said it would share more details next week.

When Did Starbucks Get Its New CEO?

starbucks new ceo indiatimes

In March 2023, Starbucks announced that Laxman Narasimhan had assumed the role of CEO and joined the company¡¯s board of directors. Earlier, Narasimhan was named incoming CEO on September 1, 2022, succeeding company founder and now former CEO, Howard Schultz.

How Starbucks Performed In September Quarter

Earlier on Thursday, Starbucks reported its fiscal fourth-quarter results, wherein its consolidated net revenue went up 11% to a record $9.4 billion. Starbucks shares jumped nearly 9.5% to $100.01 post that, ending the day with a market cap of $115 billion.

For the latest and interesting financial news, keep reading Indiatimes Worth. Click here.

22/11/2024 1:32:6
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