Starbucks plans to start testing Cold Pressed Espresso in some cafes by the end of the year, as consumers increasingly opt for cold drinks to shake off caffeine.
The drink was already available at Starbucks luxury stores. Cold drinks, preferred by younger customers, have played a crucial role in the growth of sales in the same stores of the chain in recent years. In the past three years, consumers have spent more than $ 1 billion on Starbucks cold drinks.
“More than 50% of the drinks we sell at Starbucks are cold,” CEO Kevin Johnson told CNBC’s Kate Rogers in an interview on the Halftime Report on Wednesday.
Johnson predicted that after the pandemic subsides, consumers will seek more social interaction, which will take them back to Starbucks cafes to buy their cold drinks. But they will probably still use drive-thru tracks or cell phone orders to pick up their coffee.
The company is also preparing to open one of its first sustainable roasters in China next year. With US $ 150 million set aside, the project is the company’s largest investment outside the United States and the first in Asia.
“It is something we are doing not only to reduce our carbon footprint, in the end, to reach net zero, but also to store more carbon than we emit,” said Johnson. “This is our long-term agenda and we are committed to that.”
Starbucks shares rose 86% last year, giving it a market value of $ 129 billion. Although the company’s sales were hampered by the pandemic, its recovery in the US and China is happening faster than expected. In the next quarter, Starbucks is forecasting same-store sales growth in the U.S. of 5% to 10%, and same-store sales in China are expected to almost double.