this post was submitted on 30 Apr 2024
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Starbucks shares sink 12% as coffee chain slashes 2024 forecast amid same-store sales drag (www.cnbc.com)
submitted 10 months ago* (last edited 10 months ago) by Linkerbaan to c/business
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Shares of the company fell 12% in extended trading.

“In a highly challenged environment, this quarter’s results do not reflect the power of our brand, our capabilities or the opportunities ahead,” CEO Laxman Narasimhan said in a statement. “It did not meet our expectations, but we understand the specific challenges and opportunities immediately in front of us.”

In the U.S., same-store sales decreased 3% as traffic sank 7%. This marks the second quarter that the company’s home market has struggled. Last quarter, executives blamed sluggish sales on boycotts targeting the company due to “misperceptions” of its stance on Israel.

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[–] [email protected] 2 points 10 months ago (1 children)

You live in a very unrepresentative bubble if you think the boycotts have anything to do with this. It's a fringe movement at best, and if it's going to have an impact it will be from richer consumers who can better afford to choose their spending habits.

It's wages not keeping up with inflation levels not seen in the West since the '80s. Simple as.