Seattle ? CEO Howard Schultz assured investors at the company’s 18th annual meeting that “Starbucks Coffee Company will not only survive, but we will succeed during this environment. I promise you that.”

Schultz promised to combat Starbucks’ competitors and what he called “the myth of $4 coffee,” and said the company will meet consumers’ need for value in a tough economy.

In fact, Starbucks is trying to cut $500 million from its annual operating expenses, which last year totaled about $10 billion.