Orin Smith

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A statement by Howard Schultz, Chairman and Chief Global Strategist of Starbucks Corporation and Orin C. Smith, President and Chief Executive Officer of Starbucks Corporation, follows. This has been taken from the company's 2003 Annual Report. From the early days of Starbucks history, we have eagerly embraced possibilities and let our imagination propel us to create new experiences instead of accepting the status quo. That spirit, combined with our belief that a company can indeed achieve the delicate balance between social and fiscal responsibility, and, frankly, our genuine love for a great cup of coffee, has guided Starbucks on an amazing journey from a single store in Seattle to a global presence with more than 7,000 locations worldwide. That journey, which has yielded some wonderful rewards, is still in its early stages. In a challenging economic environment where enduring success is extremely difficult to achieve, Starbucks continues to thrive. The overwhelming global acceptance of the Starbucks brand has resulted in the strongest performance in our history. Fiscal 2003 was marked by consolidated net revenues of $4.1 billion (up 24 percent from $3.3 billion in fiscal 2002), annual comparable store sales growth of 8 percent, and increased market capitalization from approximately $300 million in 1992 to approximately $12 billion in 2003. In addition, we opened 1,201 retail store locations worldwide, including the 1,000th store in our Asia Pacific region. We also celebrated our 12th consecutive year of positive comparable store sales growth of 5 percent or greater and at fiscal year-end, we had 141 consecutive months of positive comparable store sales growth all impressive achievements.

These accomplishments are rooted in some of our basic beliefs treat everyone with respect and dignity, tirelessly source and roast the finest arabica coffee beans, and contribute positively to our communities and our environment. From our early decision to offer...
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