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Starbucks CEO: No signs of recession



Despite market fears that the recession may be near, Starbucks CEO Kevin Johnson told CNBC Monday that his clients tell a different story.

The coffee chain is more compatible with its customers than ever before, thanks to investments in its digital customer relationships and the company is seeing results, he said.

The Starbucks loyalty program, which contributes to 42% of sales, already has over 17 million active users who use their mobile app on a regular basis, Johnson said.

"We have not seen signs in the US of anything related to delay, but we know that these things go on cycles," he said in a sitting with Jim Cramer on Crazy Money, but right now we are firing on all cylinders and user [the] seems to be doing well. "

Starbucks posted revenue of $ 6.8 billion in its last quarter, more than 8% from the same period last year. Same-store sales in the United States rose 7% and trade volatility at boiling levels between the highest world's largest economies ̵

1; 6% in China Management raised year-round guidance to $ 26.4 billion

Johnson, who became head of the Seattle coffee franchise in 2017, said the addition of new cold drinks cooking and improving the customer experience in both the store and the digital ecosystem Emma is key,

Technology has allowed the company to automate staff schedules, improve partner engagement and lead customer relationship evaluations all the time, he added. "

" The company is on track, we are now accelerating the pace of innovation in ways that we believe are important to our customers, inspiring to our partners and certainly relevant to our business, "said Johnson, who is officially a technology veteran. from Microsoft and Juniper Networks.

In the field of beverage innovation, Starbucks announced that it will be launching its first pumpkin cold cream as part of its drop-down menu on Tuesday. This is the first pumpkin beverage since the market for pumpkin spice nearly two decades ago, CNBC reports.

Coffee drinkers tend to consume hot drinks in the morning to prepare for the work day, but Johnson said his cold caffeinated beverages, which are brewed 24 hours in cold water, opened new opportunities after noon. Starbucks was able to design the switch to cold drinks and saw it perform well, especially among millennials, he said. The CEO expects nitro-cold brews, which include nitrogen, which makes it sweeter and more creamy, will be available at all its cafes by the end of September.

"The combination of our cold brew – nitro cold brew, our fresheners – unlocked the part for the afternoon," Johnson said. "In fact, just over half of our drinks are cold drinks now."

Johnson also pledges to exceed the profit it returns to investors in determining Starbucks value. He joined nearly 200 other CEOs to sign a Business Roundtable Pact redefining the "corporate purpose" to include customers, employees, suppliers and the community as stakeholders.

Johnson gave credit to former CEO Howard Schultz and other past development executives "a goal that goes beyond the pursuit of profit."

"This means that we will invest and care for our partners, whether it's healthcare, college achievements, "he said. "We have just exceeded … the goal of hiring 25,000 veterans or military spouses. We exceeded this target 3 years earlier and are now hiring 5,000 veterans annually."

"All those things you know add to what we are doing to really reach a goal that goes beyond the pursuit of profit."

After trading sideways for about three years, Starbucks shares have grown nearly 50 % this year. The stock rose 1.9% to close at $ 96.50 on Monday.


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