Starbucks Ready to Boost Acquisitions for Grocery Plan -- Schultz
Seattle-based coffee giant Starbuck Corp on Wednesday revealed plans for major acquisitions to help the company boost its expansion into the groceries business.
According to Starbucks CEO Howard Schultz, packed consumer goods and bagged coffee products would be more profitable than its café business.
The world’s largest coffee chain Starbuck Corp on Wednesday announced plans to boost acquisition deals to help the company accelerate sales of its bagged coffee and other consumer goods beyond its coffee mix and cafes.
Speaking at the company’s investors meeting in New York, Starbuck chief executive Howard Schultz disclosed that the company is preparing for major acquisitions for possible expansion into groceries business, saying that packed consumer goods should grow at a faster rate compared to its retailed cafes.
According to Schultz, the Seattle-based coffee maker is now ready to buy small and large firms to support its expansion into various selections of packed consumer goods – including branded products from Starbuck like packed coffee and tea, as well as ice creams and bottled drinks.
The consumer goods will be channeled through different hotels and supermarkets worldwide, the CEO added.
Besides the grocery business, Schultz also revealed plans to improve margins in its international coffee business through 24-hour operations.
Following the disclosure, Wall Street immediately sought further explanation from Starbucks, which is a listed company. The stock market regulator wants Starbucks to discuss specifics on how it plans to achieve its goals, noting the messy breakup with Kraft Foods Inc, which handled sales of its packed coffee and tea in major markets and club stores since 1998.
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