This Is the Biggest Drink at Starbucks Right Now, Says CEO
There's been a ton of Starbucks buzz this season, and it turns out it's not just hype. On a call with Wall Street analysts this week, Starbucks executives shared that recent sales "exceeded our expectations," while rumor has it that the in-demand coffee chain also has big plans around the corner.
A lot of famous food and beverage chains have held meetings this past week to share their last quarter sales earnings. While some customer disappointment has been necessary at McDonald's and Burger King may soon take their breakfast bigger, Starbucks seems to be sitting pretty right where they are.
Motley Fool has the transcript from Starbucks' second-quarter earnings call Wednesday, led mostly by Starbucks chief executive officer Kevin Johnson. "Any way you look at it," Johnson said, "our second quarter results were phenomenal in the U.S. and exceeded our expectations."
This may be no surprise if the spring menu excitement led you to try Starbucks' plant-based drinks, and indeed Johnson confirmed that those have been a big hit. "We have seen an overwhelmingly positive response to oat milk with the iced brown sugar oat milk shaken espresso far exceeding expectations to date," he said, calling this trend "a testament to the relevance of our sustainability agenda."
Also, Johnson shared, "Cold beverages delivered resounding year-over-year growth … led by cold espresso, Starbucks refreshers, and Cold Brew." He added that food sales have also grown, stating: "Plant-based is also resonating in food, with the Impossible breakfast sandwich delivering record performance."
Observers are noting this was a big bounce-back from a period of quiet sales across the food and beverage industry, as affected by the pandemic. However, Johnson commented, Starbucks is "more resilient than ever," attributing some of this to their push toward mobile sales. He noted the company intends to hold this level of success with more execution of this kind—two key areas they'll continue to focus on will be "driving relevant beverage innovation and expanding digital customer engagement," he said.
If you're catching up on national food news, check out the fast-casual chain that's soon opening in Walmart.