Starbucks revealed details about its Reinvention plan which includes modernizing stores and investing in new equipment to reduce the time it takes to brew coffee.
Schultz, who temporarily took over in April, even noted that inflation has not impeded on customer demand. "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.
The investment is designed to help the company "unlock capacity and increase throughput" in stores, Culver said. This will not only enable greater efficiency but help the "drive accelerated revenue growth in a meaningful way" and "drive increase margins," Culver added.
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