Starbucks CEO: 'Choices made before me really set us back'

Turnaround Strategy & Operational Improvements - Starbucks is in the early stages of a turnaround, focusing on resetting its operating platform to improve customer connections and service [1][4] - The "Green Apron service model" aims to provide adequate labor in stores, ensuring partners have time for tasks and customer interaction [4][5] - A pilot program across 1,500 stores showed tremendous progress in mobile order management and customer service, leading to company-wide implementation [6] - Starbucks is addressing challenges within its control, including mobile ordering, store lines, and worker satisfaction [7][8] - The company has seen progress in transactions, value perceptions, and mobile order efficiency [8] Innovation & Future Growth - Starbucks plans to layer in innovation in tech, menu, and the rewards program after establishing a strong operational foundation [6][9] - The company is exploring different cup sizes for specific occasions, such as the short cup for Cortado [15][16] - Starbucks is developing a protein coffee and reinventing the bake case to drive growth [13][30] Financial Outlook & Market Competition - Starbucks aims to return to pre-COVID performance levels, using 2019 as a financial guidepost [27] - The company believes it can achieve top-line growth that flows to the bottom line through operational improvements and cost management [29] - Starbucks is monitoring coffee prices and potential tariffs but currently has no plans to raise prices due to diversified buying and hedging strategies [17][18][19] - The company is seeking a strategic partner in China, with over 20 interested parties, and sees significant long-term growth potential in the Chinese market [20][21] - Starbucks' strategy to compete involves providing great craft coffee, drinks, and food in a great place with multiple access points like cafes, mobile order pickup, and drive-thrus [23][24][25]