智通财经网·2025-08-19 01:53Core Viewpoint - Starbucks is implementing a 2% salary increase for all salaried employees in North America, marking a shift from previous practices where managers determined raises independently. This initiative is part of a broader strategy to enhance service quality, reduce wait times, and improve store attractiveness [1][2]. Group 1: Salary Increase and Cost Management - The 2% salary increase applies to all company employees, including those in manufacturing and distribution, as well as salaried store managers [1]. - Senior management has been instructed to actively control costs to offset the expenses associated with the upgrades in store experience and service [1]. Group 2: Sales Performance and Strategic Changes - Starbucks is facing challenges with declining same-store sales for six consecutive quarters, influenced by rising coffee bean prices and tariffs [2]. - New CEO Brian Niccol is updating the menu, increasing staff, and introducing technology to streamline ordering processes [2]. - Significant personnel changes have been made, including the reduction of approximately 1,100 employees and adjustments to employee dress codes [2]. Group 3: Financial Performance and Market Position - In the previous fiscal year, employees received only 60% of their bonuses due to poor financial performance [3]. - The company is implementing the "Green Apron Service" model to standardize transaction processes and improve sales and customer service times [3]. - Despite efforts to increase same-store sales, the costs associated with these changes are compressing operating profit margins, raising concerns about future profitability [3]. Group 4: Stock Performance and Valuation - Starbucks stock rose by 2.1% to $92.54, but has underperformed compared to the S&P 500 index, which has increased nearly 10% this year [4]. - Analysts project a price-to-earnings ratio of approximately 32 times for the fiscal year ending in 2026, indicating that the stock is not cheap [4]. - Citigroup has lowered its target price for Starbucks from $100 to $99, maintaining a "neutral" rating due to the high costs associated with the company's turnaround efforts [4].