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Starbucks Corp (NASDAQ:SBUX) Earnings Model  

Author: Natalie Chong   Published: March 19, 2023 

Model Forecast Thesis: The end of China's zero-covid policy will result in people returning to work. Despite the increase in Covid infections in the past few months, I believe that this will fall in the next quarter. To reflect this opinion, I have increased International Segment revenue by 35 bps. Based on the end of China's covid policy, people will choose to return to the office but it might not go to pre-covid levels due to the option to work from home. To reflect this opinion, I have increased International Segment revenue by 15 bps. 
​In North America, companies have incorporated "Work from Home" into their offices but are also still going to work. To reflect this opinion, I have increased North America revenue by 25 bps. I expect that social media trends on Tiktok and Instagram contribute to growing customization of Starbucks beverages. Furthermore, people are becoming more health-conscious in choosing "soy milk" over "whole milk" etc., leading to more customization that would increase the price of a drink. To reflect this opinion, I have increased revenue by 40 bps. 
SBUX Model (Natalie Chong).xlsx
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​Disclosure: ​The author of this article/model has no financial investment or other conflict of interest related to the subject company or other companies discussed. Any views made or implied in the content represent the author’s opinions.
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