星巴克研究报告记录英文.docx

星巴克研究报告记录英文.docx

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星巴克研究报告记录英文

星巴克研究报告记录英文

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StarbucksHistoryandMission

Starbucksisapremierroaster,marketerandretailerofspecialtycoffee,operatingin68countries.Formedin1985,StarbucksCorporation’scommonstocktradesontheNASDAQunderthesymbol"SBUX.”

ThefirstStarbucksopenedinthe1971,takingitsnamefromacharacterinHermanMelville’s19thcenturynovel,MobyDick.Atthistime,Starbuckssoldonlywholeroastedcoffeebeans.In1982,HowardSchultzjoinedStarbucksandeventuallypurchasedthecompanyin1987.SchultzredirectedthetrajectoryofStarbucksbasedonabusinesstriptoItaly,wherehevisitedMilan’sfamousespressobars.Impressedbythecultureandpopularity,hetriedtoimitatewhathesawinItaly,givingrisetothecurrentiterationofStarbucksasahubforcommunitiestocomeanddrinkcoffeeinapleasantenvironment.

AfterStarbucks’initialsuccessinSeattle,thecoffeeshopexpandedthroughouttheU.S.,andthenglobally.Inthe1990s,Starbucksbecomethefirstcompanytoofferstocktoitspart-timeemployees.In1992,Starbucksbecameapubliclytradedcompanywithaninitialpublicofferingof$17.Atthistime,thecompanyhad165stores.Inthe2000s,Starbucksrosetobecomeaworld-leadingbrand,surpassingmorethan6,000locationsglobally（Fig.1,TheDailyTelegraph）.

（Fig.1）

Fromitsinception,Starbucks’missionstatement,“Toinspireandnurturethehumanspirit–oneperson,onecupandoneneighborhoodatatime,”hashelpedformitscorevalues:

∙Creatingacultureofwarmthandbelonging,whereeveryoneiswelcome.

∙Actingwithcourage,challengingthestatusquoandfindingnewwaystogrowourcompanyandeachother.

∙Beingpresent,connectingwithtransparency,dignityandrespect.

∙Deliveringourverybestinallwedo,holdingourselvesaccountableforresults.

∙Weareperformancedriven,throughthelensofhumanity.

Inturn,thesevalueshavehelpeddriveStarbucks’strategyandhelpeddifferentiatethebrandinacompetitiveindustry.

IndustryandProducts

Starbucksoperateswithinthespecialtycoffeeshopandquick-servicerestaurants（QSRs）industryspace.

Thecompany’sbusinessmodelreliesuponsalesfrompurchasing,roasting,andsellinghigh-qualitycoffees.Additionally,Starbuckssellshandcraftedcoffee,tea,andotherbeveragesalongwithavarietyoffreshfooditems,includingsnackofferings,throughcompany-operatedstores.Starbucksalsosellsproductsthroughotherchannelssuchaslicensedstores,groceryandfoodserviceaccounts.InadditiontotheirflagshipStarbucksCoffeebrand,theysellgoodsandservicesunderthefollowingbrands:

Teavana,Tazo,Seattle’sBestCoffee,EvolutionFresh,LaBoulangeandEthos.

InalmostallmarketsinwhichStarbucksdoesbusiness,therearenumerouscompetitors.Starbucksbelievesthattheircustomerschooseamongspecialtycoffeeretailersprimarilyonthebasisofproductquality,serviceandconvenience,andprice.Starbuckshasaligneditsstrategytosupportthesekeyattributesanddrivethesuccessofitsbusiness.

BrandGrowthandDifferentiationStrategy

Starbucks’successanddifferentiationdependsheavilyonthevalueofitsbrand.Asaresult,thecompany’smaingrowthstrategyistobuildtheirstandingasoneofthemostrecognizedandrespectedbrandsintheworld.

Starbucks’brandisbuiltuponanexcellentreputationforthequalityoftheircoffeeproducts.Throughtheirproduct,thecompanydeliversaconsistentpositiveconsumerexperience.ContributingtotheirfavorablebrandimageareStarbucks’socialresponsibilityprograms,includingleftoverfooddonations（Mashable）,whicharedrivenbytheircorevalues.

Starbucksbelievesthattheymustalsopreserve,growandleveragethevalueofotherlesser-knownStarbucks'brandslikeTeavana,Tazo,andLaBoulangeacrossallavailablesaleschannels.Thus,animportantpartofthecompany’sstrategyistopursuegrowthinregionswherethesebrandsarelesswellknown.

Toachievethesegrowthgoals,Starbucksiscontinuingthedisciplinedexpansionoftheirglobalstorebase,addingstoresinbothexistinganddevelopedmarketssuchastheU.S.,aswellasnewerhighergrowthmarketssuchasChina.Starbucksisalsosupportingthisgrowthbyoptimizingthemixofcompany-operatedandlicensedstoresineachmarket.Inaddition,byleveragingtheexperiencegainedthroughtheirtraditionalstoremodel,Starbuckscontinuestoofferconsumersnewcoffeeandotherproductsinavarietyofformsacrossnewcategoriesandthroughdiversechannels.

ExpansionthroughPartnershipStrategy

Starbucks'growthstrategyalsoreliesonavarietyofbusinesspartnersfornewstores,foodservice,andbrandedproducts.LicenseeandjointventurerelationshipsareparticularlyimportanttodevelopingStarbucks'internationalmarkets.OfsignificantimportancetoStarbucks'internationalChannelDevelopmentbusinessarethirdpartymanufacturers,distributors,andretailers.

Starbuckspartnerswithlicenseesandfoodserviceoperatorsinordertoensurethehighqualityofitsproductandexperience.ThesepartnersareoftenauthorizedtouseStarbucks'logosandprovidebrandedbeverages,foodandotherproductsdirectlytocustomers.Inturn,Starbucksprovidestrainingandsupporttomonitortheoperationsthesebusinesspartners.

Starbucksalsomaintainshighqualitystandardswithitssupplychain.Thecompanysourcesitsfood,beverageandotherproductsfromawidevarietyofdomesticandinternationalbusinesspartners.Byformingthesepartnershipstodirectlyinfluencequality,Starbucksensuresaconsistentqualityofproductandserviceexperience.GreatercontroloverqualityhelpsStarbucksexpandrapidlywhileprotectingtheintegrityofthebrand.

TotalRevenue

Starbucks’strategyforgrowthhashaddefinitivecontributiontoitsrevenues.Infiscalyear2015,thecompanysawrevenuesofroughly$19.2BN,anincreaseof16.5%over2014.RevenueforStarbuckswasearnedthroughthreeprimarychannels:

company-ownedandoperatedstores,licensedstoresandoperations,andConsumerPackagedGoods（CPG）andFoodServices.

RevenuefromCompany-operatedStores

Starbucks'retailobjectiveistobetheleadingretailerandbrandofcoffeeandtea.Thisisreflectedineachoftheircompany-operatedstoresbysellingthefinestqualitycoffee,tea,food,andsnackofferings.EachstoreemphasizesitsmissiontoprovideeachcustomerwithauniqueStarbucksExperience.AsofSeptember2015,Starbucksowned12,235company-operatedstores,comprising53%ofitstotalnumberoflocations（Fig2）.TheStarbucksExperienceisbuiltuponsuperiorcustomerservice,aswellascleanandwell-maintainedstoresthatreflectthepersonalitiesofthecommunitiesinwhichtheyoperate,therebybuildingahighdegreeofcustomerloyalty.Asaresultofthisstrategyofcustomerexperienceandquality,thesecompany-operatedstoresaccountedforrevenuesof$15.2BN,or79%oftotalnetrevenuesduringfiscal2015（Fig.3）.

Withinthesecompany-operatedstores,revenueisdrivenprimarilybybeverages,accountingforroughly$11.1BN（73%）ofretailsales.Fooditemscontributenearly$2.9BN（19%）,whilepackagedcoffee,tea,andotheritemsmakeuptheremaining$1.2BN（8%）（Fig.4）.

RevenuefromLicensedStores

Intheirlicensedstoreoperations,Starbucksleveragestheexpertiseoftheirlocalpartnersandsharestheiroperatingandstoredevelopmentexperience.Licenseesprovideimproved,andattimestheonly,accesstodesirableretailspace.Intotal,Starbuckshas10,808licensedstores（Fig.2）.RevenuesfromStarbuck’slicensedstoreswere$1.8BNandaccountedfor10%oftotalnetrevenuesinfiscal2015.Licensedstoresgenerallyhavealowergrossmarginandahigheroperatingmarginthancompany-operatedstores.Underthelicensedmodel,Starbucksreceivesareducedshareofthetotalstorerevenues,butthisismorethanoffsetbythereductionintheirshareofcostsastheseareprimarilyincurredbythelicensee.

RevenuefromConsumerPackagedGoodsandFoodService

Starbucks'consumerpackagedgoodsbusinessincludesbothdomesticandinternationalsalesofpackagedcoffeeandteaaswellasavarietyofready-to-drinkbeveragesandsingle-servecoffeeandteaproductstogrocery,warehouseclubsandspecialtyretailstores.ItalsoincludesrevenuesfromproductsalestoandlicensingrevenuesfrommanufacturersthatproduceandmarketStarbucks-,Seattle’sBestCoffee-andTazo-brandedproductsthroughlicensingagreements.ContributingtothisrevenuestreamareStarbucks’arrangementswithnationalbroadlinedistributionnetworkslikeSYSCOCorporation,U.S.Foodservice™,andotherdistributors.Theseinstitutionalfoodservicecompaniesservicebusinessandindustry,education,healthcare,officecoffeedistributors,hotels,restaurants,airlinesandotherretailers.RevenuesfromsalesofConsumerPackagedGoodsandFoodservicecomprised$2.1BN,or11%oftotalnetrevenuesinfiscal2015（Fig.3）.

（Fig.2）

（Fig.3）

（Fig.4）

SummaryofFinancialInformation

Currently,Starbucksisonanupwardtrajectorywithregardstoitsrevenues,storesales,income,andgeneraloperations.

1.Totalnetrevenuesincreased17%to$19.2BNinfiscal2015comparedto$16.4BNinfiscal2014.

2.Globalcomparablestoresalesgrew7%drivenbya4%increaseinaverageticketanda3%increaseinthenumberoftransactions.

3.Consolidatedoperatingincomeincreasedto$3.6BNinfiscal2015comparedtooperatingincomeof$3.1BNinfiscal2014.Fiscal2015operatingmarginwas18.8%comparedto18.7%infiscal2014.Theoperatingmarginexpansionwasprimarilydrivenbysale