Pershing Square Investor Presentation Deck
Starbucks ("SBUX")
TM
SBUX is already nearing a full sales recovery and should be a major
beneficiary of a reopened global economy
Outstanding recent performance despite severe headwinds from COVID
U.S. same-store sales declined only 5% last quarter and 2% in January
■ Successful migration of customer demand to drive-thru and digital
China's growth plan is firmly intact, with 600 stores set to open this year
▪ Demise of Luckin Coffee improves competitive environment in China
The "great human reconnection" will further strengthen Starbucks
► Pent-up consumer demand for the "third place" experience
▸ Opportunity to regain sales driven by breakfast and commuting routines
► December investor day underscored management's confidence
Increased long-term outlook for revenue growth, margins, and earnings growth
Pershing Square exited our initial investment in Starbucks in January 2020. We
opportunistically repurchased a stake in the company during the March market downturn
Source: Company filings
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