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Wed 28th Apr 2021 - Starbucks reports full sales recovery in the US
Starbucks reports full sales recovery in the US: Starbucks has reported a full sales recovery in the US with like-for-like sales up 9% in its Second Quarter, ended 28 March. Chief executive Kevin Johnson said: “I am very pleased with our progress to date in fiscal 2021, as our second quarter results demonstrated impressive momentum in the business with full sales recovery in the US. Our strong results validate our ability to adapt to changes in our environment and the needs of our customers.” Johnson added that the coffee chain is positioned “for the inevitable great human reconnection” that the company sees unfolding in the US. Johnson told analysts that vaccination progress is key to predicting a market’s recovery. Starbucks is using its artificial intelligence technology to predict how inoculation rates will impact international sales growth. In the US, average ticket value increased 21%, while comparable transactions fell 10%. In China, like-for-like sales grew 91%, with a 93% increase in transactions, and a 1% decline in average ticket size. International comparable store sales increased 35%, driven by a 26% increase in comparable transactions and a 7% increase in average ticket. Elsewhere, during the fiscal second quarter, 90-day active users on the Starbucks Rewards app in the US grew 18% from a year ago to 22.9 million users. Starbucks also raised its fiscal 2021 revenue guidance. Consolidated net revenues of $6.7 billion increased 11% from the prior year, mainly driven by a 15% growth in comparable store sales primarily from lapping the unfavourable impact of business disruption in the prior year due to the covid-19 pandemic and strength in US company-operated sales in the current year, partially offset by the unfavourable impact of Global Coffee Alliance transition-related activities. The company expects to report revenue between $28.5 billion and $29.3 billion for the year, up from the previous $28 billion to $29 billion range.

Propel Premium subscribers to receive updated multi-site database in two days’ time, 84 companies added in past month: Propel Premium subscribers will receive the updated Propel Premium multi-site database in two days’ time, on Friday (30 April) at midday. The database has gained an additional 84 companies during the past month. Subscribers will also receive a 4,600-word report on the 84 new brands, concepts and growth companies, many of which have big growth ambitions in Britain. They include: Popeyes Louisiana Kitchen, which was founded in the US in 1972; Japanese udon noodles and tempura restaurant company Marugame Udon; and Australia’s largest Mexican quick-service franchise Zambrero. The exhaustive database now holds the details of 1,713 companies – and is only available to Propel Premium subscribers. The go-to database has the most comprehensive multi-site operator information in the sector – it provides company names, the people in charge, how many sites each firm operates, its trading name and its registered name at Companies House if different, and what each business specialises in. In a new feature this year, there is a synopsis of what the business does and significant news associated with it. Companies can now have an unlimited number of people receive access to Propel Premium for a year for £895 plus VAT – whether they are an operator or a supplier. The regular single subscription rate of £395 plus VAT for operators and £495 plus VAT for suppliers remains the same. Premium subscribers also receive access to Propel’s library of lockdown videos and Friday Wrap interviews and now also have access to a curated video library of the sector’s finest leaders and entrepreneurs, offering their insights on running outstanding businesses in the sector. Premium subscribers also receive their morning newsletter 11 hours early, at 7pm the evening before our 6am send-out; regular video content and regular exclusive columns from Propel insights editor Mark Wingett. Email to sign up.

Karen Jones to join Deliveroo board: Karen Jones, currently the chair of Hawksmoor and Mowgli, and executive chair of Prezzo, is to join the board of Deliveroo. Jones, the founder of Cafe Rouge and former chief executive of Spirit Group, will join Deliveroo’s board of directors as the chair of its Remuneration Committee and as a member of its Audit Committee. At the same time, the company said that Dominique Reiniche, former chief executive of Coca-Cola Europe, will join its board as a non-executive director and as a member of its Audit, Remuneration and Nomination committees. Deliveroo said Reiniche has extensive experience in consumer marketing and innovation in the European food and drink industry, as well as other consumer-facing sectors. She is also currently a non-executive director of PayPal Luxembourg, amongst other non-executive roles. Reiniche will commence her appointment on 1 May, while Jones will join the board on 1 June. Claudia Arney, chair of Deliveroo, said: “We are delighted to have brought on board Karen and Dominique who bring substantial expertise in the restaurant and food and drink sectors, as well as deep knowledge of consumer marketing and real insight into our European markets. They join at an important time for Deliveroo as we build on the opportunities ahead of us as a public company. They will provide a valuable and fresh perspective to support the company’s continued growth.” Jones said: “I am looking forward to working with the board and the wider executive team to build the business through strong and mutually beneficial partnerships with customers, riders, restaurants and food retailers to the benefit of all.”

Deliveroo enters two-year partnership with Waitrose: Waitrose has entered a two-year partnership with Deliveroo to deliver groceries. After a successful trial, the supermarket chain said that it was expanding its use of the delivery app from 40 to 150 shops with access to about 13 million people in total. Up to 400 new jobs will be created to fulfil the orders from new sites including Cheltenham, Lincoln, Exeter, York and Sheffield. The companies began a trial in five stores last September. Customers will be able to order from an expanded range of between 750 to 1,000 products and will have them delivered in 20 minutes from Waitrose shops from London to Scotland. The larger range includes free-from products, dairy alternatives, vegan ranges, flowers, steak dinners, and treats such as profiteroles and prosecco. James Bailey, executive director for Waitrose, said: “We know convenience is key for many of our customers and the expansion of the service with Deliveroo will play an integral role in helping us make Waitrose food more convenient than ever before.” Carlo Mocci, Deliveroo’s chief business officer, said: “Waitrose is one of the most respected and loved British companies and we are proud to expand the extremely popular Waitrose service on Deliveroo.”

Square Mile aims to lure more residents in post-covid revival plan: The City of London is planning to convert empty office space into 1,500 homes and is considering banning cars from the Square Mile at weekends as part of its post-pandemic recovery strategy. In an attempt to boost its appeal as a place to live and socialise, the City of London Corporation said it is considering traffic-free weekends and all-night festivals, as well as providing new cultural and exercise spaces for the public. Low-cost, long-term leases in vacant buildings could be also offered to artists and musicians. The local authority published proposals yesterday (27 April) outlining how it wants to boost its cultural and creative credentials as it prepares for life with fewer white-collar workers commuting to and from the financial district. The corporation said it will develop residential units through a mixture of new schemes and converting old buildings by 2030 as it admitted that the City “must adapt to post-pandemic economic and social trends”. Catherine McGuinness, the authority’s policy chairman, said: “The Square Mile must evolve in order to provide an ecosystem that remains attractive to workers, visitors, learners and residents. This will involve encouraging growth, fostering talent from all backgrounds, providing a vibrant leisure offer and offering outstanding environments.”

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