Tata Starbucks posts 30% sales growth in FY19 on store additions

Company News

Tata Starbucks, a 50:50 joint venture between Tata Global Beverages and Starbucks Coffee of the US, has reported a 30 per cent top-line growth in fiscal 2018-19, driven by new stores openings and improved performance.
Tata Starbucks, which is expecting to break-even in the current fiscal, has opened 146 stores till date.
Tata Starbucks reported "double digit top-line growth -- 30 per cent for the full year, driven by new stores and improved store performance", Tata Global Beverages Ltd (TGBL) said in an investors' presentation.
Tata Starbucks revenue for the 2018-19, is expected to be around Rs 450 crore.
TGBL said Tata Starbucks opened 30 outlets in the previous fiscal, out of which, 15 new stores were opened during the last quarter of the financial year.
The company said, it has reported profits at store level and all cities were also profitable and it has also witnessed rise in food share in overall sales.

 Starbucks entered India with the opening of its first store at Horniman Circle in Mumbai in 2012.

Amazon steps up diversity hiring, adds ex-PepsiCo CEO Indra Nooyi to board

Companies News:

In what appears to be Amazon's effort in increasing gender diversity among directors, the technology giant appointed former PepsiCo chief executive officer (CEO) Indra Nooyi to its board. According to the company's regulatory filing, Nooyi will also join the audit committee of the board, reported Reuters.

"On February 25, 2019, the Board of Directors of Amazon.com, Inc. (the “Company”) elected Indra K Nooyi as a director of the company, and also appointed her to the audit committee of the board," Amazon wrote in an 8-K SEC regulatory filing.

Nooyi's appointment comes soon after Amazon added former Starbucks chief operating officer Rosaling Brewer to its board earlier this month, the second African-American to serve on its board. The company now has five women — Nooyi, Brewer, Jamie Gorelick, Judith McGrath and Patricia Stonesifer — on its 11-member board.

In May 2017, Amazon adopted a proposal to apply the National Football League policy — the Rooney Rule — that requires teams to consider minority candidates, reported CNN.

Nooyi, who was born in India, is the second high-profile addition to Amazon's board. She had stepped down as PepsiCo's CEO in October 2018 after a 24-year-tenure at the snack and beverage company. She had served as the company's CEO from 2006 to 2018. Prior to becoming the CEO, Nooyi had served as the company's chief financial officer. She had also spearheaded the company's efforts to focus on healthier food and snacks. She was among a handful of women of colour leading a Fortune 500 company.


 Nooyi has also served as a director on the board of oilfield services provider Schlumberger since April 2015.