Starbucks Corp (SBUX) Management Presents at Evercore ISI Virtual Consumer & Retail Summit Conference (Transcript)

Jun. 17, 2020 2:19 PM ETStarbucks Corporation (SBUX)
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Starbucks Corp (NASDAQ:SBUX) Evercore ISI Virtual Consumer & Retail Summit June 17, 2020 11:45 AM ET

Company Participants

Patrick Grismer - CFO & EVP

Conference Call Participants

David Palmer - Evercore ISI

David Palmer

David Palmer, Evercore ISI's food and restaurant analyst. I'm really excited and honored to have Pat Grismer, Starbucks' CFO, with us here today.

Pat joined the company in late 2018 from Hyatt, having recently been the CFO there. And prior to that, he spent 14 years at Yum! Brands in various finance roles. So he certainly knows the realm, and he knows global brands. Welcome, Pat.

Patrick Grismer

Thank you. Glad to be here.

David Palmer

You provided a lot of good disclosure last week. And so thank you for that. We can circle back to some questions that we have about the recovery and the near-term realities.

Question-and-Answer Session

Q - David Palmer

But perhaps I was wondering if you could start off with a comment about how you think Starbucks will be positioned immediately after the COVID period is behind us, sort of that medium-term view. I think more specifically, I think investors are seeing economic and commuter headwinds that might linger, but also recognize that Starbucks has done pretty much everything right as far as we can tell and through the virus for its partners, leaning in, in terms of store format and digital. So this can mean bigger share gains and maybe even margins ahead. So maybe tee us up with a comment about how you're thinking about exiting this crisis.

Patrick Grismer

Certainly, David. Thank you. Now let me start by saying that current challenges and future headwinds aside, we are very optimistic about the future, and we're taking steps to ensure that Starbucks will emerge from this experience even stronger. The progress we're making in our

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