星巴克报告第一季度强劲销售业绩，转型努力初见成效

"...Our faith in Niccol is being rewarded...."

"...The turnaround artist who joined Starbucks in September 2024 after a brilliant tenure at Chipotle pledged to return the coffee chain to its former glory...."

"...The numbers reported Wednesday morning demonstrate he's doing just that...."

"...Brian Niccol has cracked the code...."

"...It's the holy grail in restaurants...."

"...Starbucks crushed the estimates...."

"...It's the first time in 2 years that Starbucks has seen an increase in comparable transactions...."

"...In other words, more people are ordering their Starbucks again, both rewards program members — now at a record 35.5 million people — and non-rewards members...."

"...Starbucks' business with those occasional, non-rewards customers was in bad shape when Niccol took over...."

"...But these results suggest Niccol's retooled marketing approach is resonating...."

"...In China, its second-most-important market after the U.S., Starbucks delivered impressive same-store sales growth of 7% when the Street was looking for only 2.45%, according to FactSet...."

"...In the post-Covid period, China had been a really troublesome market for Starbucks, due in large part to cheaper local competition...."

"...Now, it's clear the business is in a healthier place as it prepares to launch a joint venture with a private equity partner Boyu to operate it going forward...."

"...As we've said before, we liked Starbucks' move because it allows management to increase its focus on improving its U.S. operations...."

"...The company can also use the cash proceeds from the transaction to pay down debt and reinvest more in stores...."

"...Starbucks still has work to do on profitability...."

"...However, that's understandable at this stage of the turnaround, particularly on the outlook since we're still early in Starbucks' fiscal year and there's no reason to be too aggressive...."

"...Niccol has been adamant that he needs to invest in the business by improving barista staffing levels and remodeling stores to make them inviting places again to grow sales...."

"...Those investments aren't cheap...."

"...However, Niccol has argued that once topline momentum is restored, Starbucks will shift its focus to improving profitability...."

"...Based on Wednesday's results, Niccol's argument remains sound...."

"...We hope to hear more details on that next leg of the transformation journey on Thursday when Starbucks holds its first investor day under Niccol and provides longer-term guidance...."

"...We expect we'll hear multiyear financial targets and get a better understanding of where Niccol expects margins to go from here...."

"...We mentioned before that Starbucks shares are higher but off their best levels of the session...."

"...That action demonstrates enthusiasm in the turnaround, tempered by some restraint around where the multiyear targets ultimately land...."

"...We're confident Niccol has the correct plan in place, but we are also waiting to hear more at Thursday's event...."

"...We are reiterating our 2 rating, but plan to reevaluate this and our price target after we digest the investor day highlights...."