With over 34,948 stores in 80 countries, Starbucks (SBUX) is the world’s largest coffee chain with its headquarters in Seattle, Washington. The company was founded in 1971 by Jerry Baldwin, Zev Siegl, and Gordon Bowker. Current interim CEO Howard Schultz has been with the company for over four decades and this is his third stint as CEO. Mr. Schultz retired from Starbucks in 2018 but rejoined as interim chief executive officer and a member of the company’s Board of Directors on April 4, 2022, after Kevin Johnson announced his retirement as President and CEO of the company.
On August 2, 2022, Starbucks reported results for the fiscal third quarter that ended July 3, 2022. Net revenues for the North America segment grew 13% year-over-year to $6.1 billion in Q3 FY22. The growth was primarily driven by a 9% increase in company-operated comparable store sales. Operating income increased to $1.33 billion in Q3 FY22, up from $1.3 billion in Q3 FY21.