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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Starbucks Corporation    SBUX

STARBUCKS CORPORATION

(SBUX)
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Delayed Quote. Delayed Nasdaq - 10/29 04:00:00 pm
88.3 USD   +1.30%
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Starbucks : Impossible Foods launches plant-based sausage product in Hong Kong

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09/10/2020 | 03:10am EDT
FILE PHOTO: A banh mi sandwich made with a plant-based Impossible Pork patty at the Impossible Foods headquarters in Silicon Valley

Plant-based burger maker Impossible Foods said on Thursday it would start selling its faux pork product in Hong Kong, its first expansion outside of the United States as it seeks to tap more environment-conscious diners.

The sausage patty, made from soy protein, is the Silicon Valley-based company's second product since its faux beef burger in 2016.

It launched the Impossible Sausage in the United States earlier this year.

Asia is a key growth area, said Chief Executive Pat Brown, as the company aims to capitalize on the region's high consumption of pork.

"Consumers are accelerating the shift to a plant-based food system. This is particularly true in Asia where pork dominates the meat market," he told an online news briefing.

Producing plant-based food and beverages is less demanding on the environment compared with items relying on animal agriculture, which typically needs far more land and water.

Pork is the world's most widely eaten meat, accounting for 36% of intake, showed data from the United Nations Food and Agriculture Organization.

David Lee, Impossible's chief financial officer, said the Impossible Sausage would be available in Hong Kong at Starbucks Corp cafes as well as restaurants including burger joint Triple O's from this month.

In August, Impossible said it secured $200 million in funding, less than six months after raising the largest-ever amount for a food tech startup, bringing total funds raised since its 2011 founding to $1.5 billion.

Impossible Sausage's Hong Kong debut comes more than two years after home-grown OmniPork launched its mock pork product in supermarkets and restaurants across the city.

Demand for plant-based protein foods has surged in Asia, suppliers said, as suspicion over links between wild animal meat and the novel coronavirus prompts a diet rethink, particularly in Hong Kong and mainland China.

Starbucks this week said it was adding plant-based food and beverages to menus across Asia.

(Reporting by Farah Master; Editing by Christopher Cushing)


Stocks mentioned in the article
ChangeLast1st jan.
BEYOND MEAT, INC. -2.69% 151.85 Delayed Quote.106.42%
STARBUCKS CORPORATION 1.30% 88.3 Delayed Quote.-0.85%
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Financials (USD)
Sales 2020 23 374 M - -
Net income 2020 861 M - -
Net Debt 2020 12 294 M - -
P/E ratio 2020 122x
Yield 2020 1,90%
Capitalization 102 B 102 B -
EV / Sales 2020 4,89x
EV / Sales 2021 4,03x
Nbr of Employees 346 000
Free-Float 99,8%
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Technical analysis trends STARBUCKS CORPORATION
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TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 34
Average target price 89,97 $
Last Close Price 87,17 $
Spread / Highest target 15,9%
Spread / Average Target 3,21%
Spread / Lowest Target -14,0%
EPS Revisions
Managers
NameTitle
Kevin R. Johnson President, Chief Executive Officer & Director
Myron E. Ullman Chairman
Rosalind Gates Brewer COO, Director & Group President-Americas
Patrick J. Grismer Chief Financial Officer
Gerri Martin-Flickinger Chief Technology Officer & Executive VP
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