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After an amazing day on Thursday, Jim Cramer thinks there is more than just coffee brewing at Starbucks. First, it announced a new partnership with Lyft, which is Uber's biggest competitor, and then after the close it reported a blowout quarter and sent the stock roaring in after-hours trading.
Starbucks delivered a 1-cent earnings beat from a 41 cent basis, higher-than-expected revenues and 7 percent global same-store-sales growth, which includes an 11 percent increase in the China/Asia Pacific market. To make matters even better, the company also raised its full-year forecast.
Can its global strength continue to dominate? To find out, Cramer spoke with Starbucks president and chief operating officer, Kevin Johnson.
"I think this was the strongest, most remarkable quarter in the 23-year history of being a publicly traded company. The growth we posted and the comps we posted, I think all support the company is executing on all cylinders," Johnson said. (Tweet This)
Cramer found one element of the report most remarkable—while the world watches China decrease in strength, it was actually an area of strength for Starbucks. Johnson confirmed that the company is now in more than 1,700 stores in more than 90 cities in mainland China, with the entire APAC region operating more than 5,200 stores. Starbucks plans to top 10,000 stores in the region within five years.
Another element that Cramer pinpointed as being a clear strength for Starbucks this quarter was technology. Could Starbucks perhaps be a technology company that happens to sell coffee?
"Certainly we have been on a journey around our mobile app and the digital customer experience," Johnson said. (Tweet This)
In the past year, Starbucks has increased its number of loyalty- program customers by 28 percent to 10.4 million people. These customers use Starbucks' mobile app to both order and pay for products.
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Johnson commented on the strength of its new mobile-order-and-pay program that allows customers to order products on the mobile app, and pick it up in a store. Starbucks plans to complete the rollout of this capability to all nationwide stores by the holiday season.
"What we are seeing now is about 20 percent of all tender in the U.S. is paid for through that mobile app and through the digital experience and now with mobile order and pay we are seeing rapid adoption of the ability to order your food and beverage items from your mobile phone and have those paid for pickup," Johnson added.