Starbucks International
All's Not Well with Starbucks
IN MARCH 2003, FORTUNE CAME our WITH ITS ANNUAL LIST OF FORTUNE 500 COMPANIES.
For Howard Schultz, Chairman of Starbucks Corp., this list was special as Starbucks fea¬tured in the list. It was a dream come true for the Seattle-based entrepreneur.
Though the U.S. economy was reeling under recession and many major retailers were reporting losses and applying for bankruptcy, Starbucks announced a 31 % increase in its net earnings and a 23% increase in sales for the first quarter of 2003. Analysts felt that the success of Starbucks showed that a quality product speaks for itself. The fact that Starbucks spent less than 1 % of its sales on advertising and marketing strengthened this view. In addition to being a popular brand among customers, Starbucks was also considered the best place to work due to its employee-friendly policies.1 Exhibit 1 shows Starbucks' income statement. See Starbucks' 2002 Annual Report, at......
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