Starbucks to Sell Tazo, Sales Dip

Starbucks Misses Q4 Sales Estimates, Sells Tazo To Unilever For $384 Million

Starbucks Misses Q4 Sales Estimates, Sells Tazo To Unilever For $384 Million

Despite announcing in July the decision to close all 379 Teavana brick-and-mortar outlets, Starbucks extended the brand with the February launch of Teavana Craft Iced Teas.

According to the company, Starbucks sold more than $1.6 billion of prepared and RTD Teavana beverages in its stores in the past 12 months. It was sold mostly at supermarkets, bib-box, and convenience stores, its product lines include packaged teas, K-Cup pods, and ready-to-drink bottles. Unilever, which owns the Lipton and PG Tips tea brands, called the acquisition a "perfect strategic fit".

With its strong appeal to millennials, TAZO is a ideal strategic fit for our United States portfolio that includes exciting new brands such as Seventh Generation, Dollar Shave Club and Sir Kensington's.

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Starbucks said it is selling Tazo to Unilever for $384 million in order to focus more on developing its Teavana tea brand.

The chain's fourth quarter in 2016 included an extra week, so comparisons between this year and last week will be a little off, the company said. And the company committed to returning US$15 billion to investors over the next three years through dividends and stock buybacks. With JPMorgan Chase & Co., the company is also developing credit and debit cards that have rewards built in.

The company also announced that it generated $5.7 billion in revenue in the company's fiscal fourth quarter ended October 1. Excluding the impact of Hurricanes Harvey and Irma, global comparable sales rose 3%. The company also reported narrower operating margins and earnings per share of 54 cents.

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USA same-store sales increased 2 percent, including a 1-percent increase in the number of customers. But its same-store sales came lower than expected and, in the U.S., fell far short of its historic 5% growth rate.

Excluding some items, profit came in at 55 cents a share, which was in line with analysts' forecast.

Starbucks also adjusted its long-term annual global same-store sales growth target to 3% to 5%, compared with its previous target of mid-single digit growth.

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