OAN’s James Meyers
8:38 AM – Friday, November 3, 2023
The Seattle coffee based franchise Starbucks has announced they are rapidly expanding.
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On Thursday, the popular coffee franchise announced they will be adding 17,000 locations by 2030, while cutting $3 billion in costs within the next three years.
The announcement comes after Starbucks revealed they exceeded Wall Street’s expectations in the fiscal fourth-quarter. With the increase in numbers, the Seattle based franchise revealed its plan to have 55,000 locations across the globe by 2030, which would be up from its current number of 38,000 locations.
The coffee making company calls it their “Triple Shot Reinvention Strategy,” which they claim will make them more global, and will “unlock efficiency to generate $3 billion in savings over three years.”
However, Starbucks could face an uphill battle with expanding to the number of locations, after the company announced they are planning on doubling U.S. workers’ hourly income over fiscal 2020 earnings by the end of 2025.
Additionally, CEO Laxman Narasimhan announced on Thursday that the company has a current workforce of more than 450,000 employees.
According to employment websites, a Starbucks barista makes an average of $17.03 an hour, but some hourly wages run as low as $8.55 or can reach up to $25.70.
Furthermore, in their reported fiscal fourth-quarter results, Starbucks’ revenue was up 11% to a new record of $9.4 billion.
Starbucks Reward Members increased as well by 14% year-over-year, to $32.6 million, resulting in shares increasing by 9.5% percent, which gave Starbucks a market cap of $115 billion when the market closed.
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