Starbucks' U.S. Comps in Focus, but Don't Forget About Other Long-Term Cash Flow Drivers
While U.S. comps garnered most of the attention, we believe that Starbucks' second-quarter update--Kevin Johnson's first since assuming the CEO role from Howard Schultz--also served as reminder of other overlooked long-term cash flow drivers, including more focused food expansion plans at lunch, increasing signs of consumer acceptance among Chinese consumers, and new technologies to improve digital ordering technologies and remedy throughput issues as well as compelling longer-term assets in Roa...Starbucks is a roaster, marketer and retailer of coffee. The company's segments are: Americas, which is inclusive of the United States, Canada, and Latin America; International, which is inclusive of China, Japan, Asia Pacific, Europe, Middle East, and Africa; and Channel Development. The company's Americas and International segments include both company-operated and licensed stores. The company's Channel Development segment includes roasted whole bean and ground coffees, Seattle's Best Coffee?, Starbucks- and Teavana-branded single-serve products, a variety of ready-to-drink beverages, and other products sold worldwide outside of the company's company-operated and licensed stores.
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