星巴克研究报告-英文.docx

精品文档Starbucks History and MissionStarbucks is a premier roaster, marketer and retailer of specialty coffee, operating in 68 countries. Formed in 1985, Starbucks Corporations common stock trades on the NASDAQ under the symbol SBUX.”The first Starbucks opened in the 1971, taking its name from a character in Herman Melvilles 19th century novel, Moby Dick. At this time, Starbucks sold only whole roasted coffee beans. In 1982, Howard Schultz joined Starbucks and eventually purchased the company in 1987. Schultz redirected the trajectory of Starbucks based on a business trip to Italy, where he visited Milans famous espresso bars. Impressed by the culture and popularity, he tried to imitate what he saw in Italy, giving rise to the current iteration of Starbucks as a hub for communities to come and drink coffee in a pleasant environment. After Starbucks initial success in Seattle, the coffee shop expanded throughout the U.S., and then globally. In the 1990s, Starbucks become the first company to offer stock to its part-time employees. In 1992, Starbucks became a publicly traded company with an initial public offering of $17. At this time, the company had 165 stores. In the 2000s, Starbucks rose to become a world-leading brand, surpassing more than 6,000 locations globally (Fig. 1, The Daily Telegraph). (Fig. 1)From its inception, Starbucks mission statement, “To inspire and nurture the human spirit one person, one cup and one neighborhood at a time,” has helped form its core values: Creating a culture of warmth and belonging, where everyone is welcome. Acting with courage, challenging the status quo and finding new ways to grow our company and each other. Being present, connecting with transparency, dignity and respect. Delivering our very best in all we do, holding ourselves accountable for results. We are performance driven, through the lens of humanity.In turn, these values have helped drive Starbucks strategy and helped differentiate the brand in a competitive industry. Industry and Products Starbucks operates within the specialty coffee shop and quick-service restaurants (QSRs) industry space. The companys business model relies upon sales from purchasing, roasting, and selling high-quality coffees. Additionally, Starbucks sells handcrafted coffee, tea, and other beverages along with a variety of fresh food items, including snack offerings, through company-operated stores. Starbucks also sells products through other channels such as licensed stores, grocery and foodservice accounts. In addition to their flagship Starbucks Coffee brand, they sell goods and services under the following brands: Teavana, Tazo, Seattles Best Coffee, Evolution Fresh, La Boulange and Ethos. In almost all markets in which Starbucks does business, there are numerous competitors. Starbucks believes that their customers choose among specialty coffee retailers primarily on the basis of product quality, service and convenience, and price. Starbucks has aligned its strategy to support these key attributes and drive the success of its business.Brand Growth and Differentiation StrategyStarbucks success and differentiation depends heavily on the value of its brand. As a result, the companys main growth strategy is to build their standing as one of the most recognized and respected brands in the world. Starbucks brand is built upon an excellent reputation for the quality of their coffee products. Through their product, the company delivers a consistent positive consumer experience. Contributing to their favorable brand image are Starbucks social responsibility programs, including leftover food donations (Mashable), which are driven by their core values.Starbucks believes that they must also preserve, grow and leverage the value of other lesser-known Starbucks brands like Teavana, Tazo, and La Boulange across all available sales channels. Thus, an important part of the companys strategy is to pursue growth in regions where these brands are less well known.To achieve these growth goals, Starbucks is continuing the disciplined expansion of their global store base, adding stores in both existing and developed markets such as the U.S., as well as newer higher growth markets such as China. Starbucks is also supporting this growth by optimizing the mix of company-operated and licensed stores in each market. In addition, by leveraging the experience gained through their traditional store model, Starbucks continues to offer consumers new coffee and other products in a variety of forms across new categories and through diverse channels. Expansion through Partnership StrategyStarbucks growth strategy also relies on a variety of business partners for new stores, foodservice, and branded products. Licensee and joint venture relationships are particularly important to developing Starbucks international markets. Of significant importance to Starbucks international Channel Development business are third party manufacturers, distributors, and retailers.Starbucks partners with licensees and foodservice operators in order to ensure the high quality of its product and experience. These partners are often authorized to use Starbucks logos and provide branded beverages, food and other products directly to customers. In turn, Starbucks provides training and support to monitor the operations these business partners. Starbucks also maintains high quality standards with its supply chain. The company sources its food, beverage and other products from a wide variety of domestic and international business partners. By forming these partnerships to directly influence quality, Starbucks ensures a consistent quality of product and service experience. Greater control over quality helps Starbucks expand rapidly while protecting the integrity of the brand.Total RevenueStarbucks strategy for growth has had definitive contribution to its revenues. In fiscal year 2015, the company saw revenues of roughly $19.2BN, an increase of 16.5% over 2014. Revenue for Starbucks was earned through three primary channels: company-owned and operated stores, licensed stores and operations, and Consumer Packaged Goods (CPG) and Food Services. Revenue from Company-operated StoresStarbucks retail objective is to be the leading retailer and brand of coffee and tea. This is reflected in each of their company-operated stores by selling the finest quality coffee, tea, food, and snack offerings. Each store emphasizes its mission to provide each customer with a unique Starbucks Experience. As of September 2015, Starbucks owned 12,235 company-operated stores, comprising 53% of its total number of locations (Fig 2). The Starbucks Experience is built upon superior customer service, as well as clean and well-maintained stores that reflect the personalities of the communities in which they operate, thereby building a high degree of customer loyalty. As a result of this strategy of customer experience and quality, these company-operated stores accounted for revenues of $15.2BN, or 79% of total net revenues during fiscal 2015 (Fig. 3).Within these company-operated stores, revenue is driven primarily by beverages, accounting for roughly $11.1BN (73%) of retail sales. Food items contribute nearly $2.9BN (19%), while packaged coffee, tea, and other items make up the remaining $1.2BN (8%) (Fig. 4).Revenue from Licensed StoresIn their licensed store operations, Starbucks leverages the expertise of their local partners and shares their operating and store development experience. Licensees provide improved, and at times the only, access to desirable retail space. In total, Starbucks has 10,808 licensed stores (Fig. 2). Revenues from Starbucks licensed stores were $1.8BN and accounted for 10% of total net revenues in fiscal 2015. Licensed stores generally have a lower gross margin and a higher operating margin than company-operated stores. Under the licensed model, Starbucks receives a reduced share of the total store revenues, but this is more than offset by the reduction in their share of costs as these are primarily incurred by the licensee.Revenue from Consumer Packaged Goods and Food ServiceStarbucks consumer packaged goods business includes both domestic and international sales of packaged coffee and tea as well as a variety of ready-to-drink beverages and single-serve coffee and tea products to grocery, warehouse clubs and specialty retail stores. It also includes revenues from product sales to and licensing revenues from manufacturers that produce and market Starbucks-, Seattles Best Coffee- and Tazo-branded products through licensing agreements. Contributing to this revenue stream are Starbucks arrangements with national broadline distribution networks like SYSCO Corporation, U.S. Foodservice, and other distributors. These institutional foodservice companies service business and industry, education, healthcare, office coffee distributors, hotels, restaurants, airlines and other retailers. Revenues from sales of Consumer Packaged Goods and Foodservice comprised $2.1BN, or 11% of total net revenues in fiscal 2015 (Fig. 3).(Fig. 2)(Fig. 3)(Fig. 4)Summary of Financial InformationCurrently, Starbucks is on an upward trajectory with regards to its revenues, store sales, income, and general operations. 1. Total net revenues increased 17% to $19.2BNin fiscal 2015 compared to $16.4BN in fiscal 2014. 2. Global comparable store sales grew 7% driven by a 4% increase in average ticket and a 3% increase in the number of transactions.3. Consolidated operating income increased to $3.6BN in fiscal 2015 compared to operating income of $3.1BN in fiscal 2014. Fiscal 2015 operating margin was 18.8% compared to 18.7% in fiscal 2014. The operating margin expansion was primarily driven by sales leverage, partially offset by the impact of their ownership change in Starbucks Japan and increased salaries and benefits due to increased store partner (employee) investments. 4. Earnings per share (EPS) for fiscal 2015 increased to $1.82, compared to EPS of $1.35 in fiscal 2014, primarily due to the gain resulting from the fair value adjustment of their pre-existing equity interest in Starbucks Japan upon acquisition, which increased EPS by $0.26 per share in fiscal 2015. The remaining increase was primarily due to improved sales leverage and the incremental tax benefit related to domestic manufacturing deductions claimed for the current year and on U.S. corporate income tax returns for fiscal years 2010 through 2014.5. Cash flows from operations were $3.7BN in fiscal 2015 compared to $607.8MM in fiscal 2014. The increase was primarily driven by lapping the prior year payment of $2.8BN for the Kraft arbitration matter. The remaining change of $377MM was primarily due to strong earnings, partially offset by unfavorable changes in working capital accounts, mainly due to timing. 6. Capital expenditures were $1.3BN in fiscal 2015 compared to $1.2BN in fiscal 2014.7. Starbucks returned $2.4BN to their shareholders in fiscal 2015 through share repurchases and dividends compared to $1.6BN in fiscal 2014. (Fig. 5)CompetitionStarbucks continues to experience direct competition from large competitors in the U.S. Quick-Service Restaurant (QSR) sector both within the U.S. and internationally. These competitors include noteworthy brands such as Dunkin Donuts, Panera, and McDonalds. In addition to food and beverage products, these companies compete with Starbucks for prime retail locations and qualified personnel to operate both new and existing stores. Dunkin Brands AnalysisDunkin Brands Group restaurants offer hot coffee, iced coffee, donuts, baked goods, hard ice cream, soft ice cream, and various other food items. The Dunkin Group has nearly 19,000 points of service in 60 countries. Dunkin Brands Group franchises nearly all of its restaurants in order to focus on creating menus, coaching its franchisees, marketing operations, and other activities.Dunkin Groups growth strategy is to increase the sales and profitability of its US-based Dunkin Donuts group, drive global sales of both Dunkin Donuts and Baskin Robbins, and increase store sales of the US-based Baskin Robbins group. Additionally, Dunkin Donuts continues to rely upon product innovation to help drive sales.In 2015, Dunkin Brands Group saw revenue of $811MM, an increase of 8% over the previous year. Dunkin Brands Group, Inc. generates revenue from five primary sources:1. Royalties and fees associated with franchised restaurants.2. Rental income from restaurant properties leased to franchisees.3. Sales of ice cream and ice cream products in certain international markets.4. Retail store revenue at company operated stores5. Other income from licensing fees of Dunkin Donuts brand products sold outside of franchised locations (ex: sales of Dunkin Donuts Keurig K-cups), licensing of ice cream to third party manufacturers, and other.Panera AnalysisPanera Bread Company (“Panera”) is a national bakery-caf concept with 1,972 company-owned and franchise-owned locations in the United States and Canada. Panera is currently one of the largest food service companies in the United States, and their success is due largely in part to their ability to create long-term concept differentiation. They offer high-quality food in an inviting and comfortable environment, and the identity of the company is rooted in handcrafted artisan bread, which is baked fresh every day.Panera operates as three business segments: Company bakery-caf operations, franchise operations, and fresh dough and other product operations. At the end of 2015, the Company bakery-caf operations segment consisted of 901 Company-owned bakery cafes and the franchise operations segment consisted of 1,071 franchise-operated bakery-cafs. Paneras revenue in 2015 was $2,682 million, consisting of $2,539 million of Company-owned net bakery-caf sales, $239 million of franchise royalties and fees, and $184 million of fresh dough and other product sales to franchises. The growth in total revenue from 2013 to 2014, and 2014 to 2015 was primarily due to the opening of over 100 new bakery-cafs system-wide each year. The decline in profit margins could be due to the increase in operational costs as a result of opening more stores, including the expenses associated with the implementation of Panera 2.0, a technological push that will include kiosks and other user interface systems in its locations.Paneras bakery-caf growth strategy primarily consists of new market development and further penetration of existing markets, both by the company and its franchises, including the selection of sites that will achieve targeted returns on invested capital. This growth strategy also includes continued development of bakery-cafes through franchising. Analysts predict modest sales growth in 2016, with sales benefitting from higher restaurant traffic and menu price increases to partially offset higher food supply costs. Analysts expect profit margin to continue to contract in 2016 due to investment in the business and other costs. It is also expected that Panera will face rising food costs, higher medical expense and higher labor costs.McDonalds AnalysisMcDonalds Corporation operates and franchises McDonalds restaurants in the United States, Europe, Asia/Pacific, the Middle East, Africa, Canada, and Latin America. The companys restaurants offer various food products, soft drinks, coffee, and other beverages. As of December 31, 2015, it operated 36,525 restaurants, including 30,081 franchised restaurants and 6,444 company-operated restaurants. Total revenue for 2015 was $25.4BN, down 7% from 2014.McDonalds Corporations sales and profitability show an even or stable pattern with slight ups and downs. McDonalds income/revenue consists of payments of franchises operating McDonalds restaurants and sales generated by restaurants operated by corporations. The continuous increase in the Dividend/Share reveals the corporations self-confidence in its ongoing reliability and strength.Comparative Ratio Analysis(Table 1.)Revenue ComparisonStarbucks revenue and performance relative to its competitors is very strong. The companys total revenue in 2015 was a sizeable $19.2BN. Additionally, Starbucks revenue has grown by nearly $4.3BN, or 24% from 2013 to 2015. Dunkin Brands and Panera have seen more modest gains at 14% and 12% respectively, while McDonalds has dropped in revenue by $2.7BN, for a 10% decrease from 2013. Although McDonalds maintains a strong position with regard to total revenue ($25.4BN), Starbucks is clearly showing a pattern of aggressive growth.Profit ComparisonStarbucks profit is also trending upward, particularly in comparison to its competitors. Overall profit jumped by $689MM from 2014 to 2015, for an increase of 33% over the previous year. A large jump in profit was recorded from 2013, which saw a $2.8BN payment (recorded as a loss) in an arbitration matter with Kraft Foods, Inc. (Reuters). Starbucks competitors have each seen a trending decline in profit from 2013 to 2015, with McDonalds dropping by over $1BN (-19%), and Panera seeing the largest percent decrease (-28%), down $42MM from 2013.Price to Earnings ComparisonStarbucks and its competitors all enjoy a PE ratio that is greater than the S&P average. At 32.95, Starbucks is behind Dunkin Group (39.31) and Panera (33.63). However, within the context of Starbucks continued increase in sales and profit, we can infer that Starbucks is expected to grow significantly and is well positioned to do so.ROA ComparisonCompared to its competitors, Starbucks enjoys a relatively large ROA. In 2013, there was a significant dip, again due to arbitratio