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Liveblogging the webcast for the Starbucks (SBUX) Third Quarter Fiscal 2006 Financial Results Conference. I'm registered and listening to unidentified classical music while waiting for the event to start. We're expecting the call to focus on increases to same-store revenue, as well as increased retail profits overall ...Starbucks corporate HQ is located in Seattle WA, and all times are Pacific.
1:30 p.m. -- Operator turns the conference over to JoAnn DeGrande, Director - Investor Relations, who will host. Call time limited to one hour including QA. She gives an overview ... the call will cover "forward-looking statements" for fiscal year beginning Oct. 2006.
1:33 p.m -- CEO Jim Donald takes over. For the quarter, Starbucks opens enough new stores to make in their 3rd most expansive quarter ever. And the 152nd consecutive month of postive growth in number of news stores opening. Highlights the opening of 500th Japanese store location, quite a milestone considering that once critics found the initial target of 50 stores too ambitious. Also notes "stronger than expected" demand for blended beverages such as 'frappucinos" in the morning hours. But acknowledges company needs to bring down the wait times for customers during peak morning hours, which are causing lost revenue.
1:39 p.m. -- Review of drivers behind retail revenue success in past quarter:
- Fresh blended fruit drinks for non-coffee interested customers.
- New food items especially designed to compliment fruit-based, non-dairy drinks.
- Lunch items now offered in 64% of U.S. retail locations.
- "Warming" programs -- that's warm breakfast options, usually egg on bagel or muffin sandwiches.
- Merchandising -"barista bears" stuffed animals themed with cities in which they are offered.
- Music offerings - I missed the details!
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