Starbucks expands Happy Hour deals with growth in mind
Starbuck's Happy Hour is more than a place to kick back after work, it's also a time when customers may spend a little bit more.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SBUX | STARBUCKS CORP. | 102.46 | +0.95 | +0.94% |
The coffee chain, on Thursday, will expand its Happy Hour offerings to now include all handcrafted beverages in its grande size or larger, some of which carry a higher price point. The deal will include a range of beverages from flat whites, frappuccinos, macchiatos to cold brews.
The strategy may help the company continue to grow U.S. sales which rose 7 percent in the last quarter. "Most of the beverage growth for the quarter was driven by our cold platform, led by refreshment, iced coffee and iced espresso" said Starbuck's Chief Financial Officer Pat Grismer during the last earnings call.
"U.S. comp sales growth in the quarter was once again driven by improvements to our in-store experience, beverage innovation, and digital initiatives..." Grismer said at the time.
The company's rewards program amassed to 17.2 million active members in the United States in 2019, up 14 percent year-over-year. Partly driven by digital which the company has also credited with boosting sales.
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The company's Happy Hour takes place from 2.p.m. until 7 p.m. on select Thursdays at participating locations.