Changes to Starbucks Rewards program will make harder for customers to redeem stars for free beverages but should boost profit and sales, Stifel analyst says.
The changes Starbucks Corp. is making to its rewards program, which will take effect February 13, will mean members have to spend more to get free hot coffee, lattes and cold brews. They should also help boost the coffee giant’s profit and sales this year, Stifel Nicolaus analyst Chris O’Cull said.
He believes that when Starbucks reports first-quarter U.S. same-restaurant sales , or sales of stores open at least 13 months, that figure will rise 12% from a year ago, which would handily beat the average analyst estimate compiled by FactSet of 8.5%. He believes the higher average check amount, along with the upcoming changes to Starbucks Rewards, should increase investor confidence in the company.
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