The holiday season stimulated sales for Starbucks, and that gets the company revved up for a strong 2015. CEO Howard Schultz told CNBC’s Squawk on the Road, “We are coming off a remarkable holiday break for which we geared up all year. It can be really unconventional to have each business device in each and every geography exceed expectations … we have ideas in areas that we imagine are going to be incremental, ” according to the Insider Review.
Schultz was particularly pleased with sales in China where Starbucks is “a model of preference and luxury.” The coffee company has 320 stores in Shanghai alone, “which is the largest sector in the world for Starbucks.” Same store sales globally increased 5%. Gift cards and new merchandise drove sales, and every segment was strong.
So perhaps CEO Howard Schultz has has earned his 24% pay increase. According to an SEC filing, his base pay at $1.5 million was the same, but the stock awards rose 5% to $6.3 million. Schultz’s perks, such as home security and his retirement package, were also increased.