Starbucks Corporation‘s (NASDAQ:SBUX) new CEO Laxman Narasimhan revealed the company’s updated strategic plan, called the “Triple-Shot Reinvention Strategy,” at a recent investor event in New York.
According to Barron’s report, this is the first time many investors have heard from Narasimhan about his long-term vision for the company since he took over from former CEO Howard Schultz eight months ago. Narasimhan’s strategy is said to build “on the foundation” of Schultz’s previous reinvention plan.
Triple-Shot will focus on three key areas: enhancing the store experience, expanding digital capabilities, and increasing global outreach. The plan also promises to boost efficiency and reinvest in Starbucks’ employees.
The company anticipates this strategy will lead to a long-term revenue growth of 10% or more and an earnings per share growth of 15% or more. Starbucks also declared a $3 billion cost savings plan, to be executed over the next three years.
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