Here's what to expect when Starbucks reports earnings

div > div.group > p:first-child"> Here's what Wall Street is expecting, according to a survey of analysts by Refinitiv:

The Seattle-based company recently revamped its loyalty program, offering a wider range of redemption options for members. The changes also mean that customers have to spend more to earn a free drink. Unlike the last time that it made major changes to its loyalty program back in 2016, Starbucks has largely avoided social media backlash.

Last month, Starbucks released a new drink, the Cloud Macchiato, with help from pop star Ariana Grande. The beverage is part of its wider drink innovation strategy: focus more on cold drinks and less on limited-time offerings and Frappucinos. The strategy is meant to build more brand affinity to keep customers coming back to Starbucks' coffee shops regularly.

Over the last year, the coffee chain's stock is up 33%. Earlier on Thursday, the stock hit an all-time record high of $77.07 per share. But another big coffee player could soon enter the market. Luckin Coffee, Starbucks' challenger in China, recently filed for an initial public offering on the Nasdaq. Luckin has opened 2,370 stores in China in 18 months and plans to open 2,500 in 2019 to overtake Starbucks as the largest coffee chain in China.

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