Starbucks Executive Summary

Starbucks Corporation Annual Report
Maria Smith, Rachel Wilson, Samar Neheme, Peter Kline, Shane Sullivan
University of Phoenix
Principals of Accounting
ACC 280 WH10BSB07
Andre Scipio
March 30, 2011

Starbucks Corporation Annual Report
“Starbucks is the premier roaster and retailer of specialty coffee in the world. Starbuck’s goal is to become the leading retailer and brand of coffee in each of its target markets by selling the finest quality coffee and related products, and by providing each customer a unique Starbucks Experience. The company’s mission is to inspire and nurture the human spirit – one person, one cup and one neighborhood at a time” (H. Schultz, (CEO) Starbucks Corporation, 2010).
Starbucks coffee was originally founded by three associates on March 30, 1971, in Seattle Washington. Writer Gordon Bowker, English teacher Jerry Baldwin, and history teacher Zev Siegl; the three were inspired by entrepreneur Alfred Peet to sell high-quality coffee beans. “The name for Starbucks was taken from Moby-Dick; after the first mate on the Pequod, Starbuck” (B. Farfam, 2011). The first Starbucks was located at 2000 Western Avenue then it relocated to 1912 Pike Place where it remains to this day since 1971–1975. The coffee stores had the home feeling as today’s stored but mainly sold a variety of coffee drinks and teas.
Entrepreneur Howard Schultz joined the company in 1982 as the company’s director of retail operations and marketing. In 1984 the first Starbucks was opened in Seattle Washington with the current coffee house look and feel. In 1985 Howard Schultz formed Starbucks Corporation.” Starbucks sells high-quality whole bean coffees, fresh, rich-brewed coffees, Italian-style espresso beverages, cold blended beverages, a variety of complementary food items, a selection of premium teas, and beverage-related accessories and equipment, primarily through Company-operated retail stores. Starbucks sells coffee, tea products, and a variety of...