Starbucks shares slide after coffee chain says sales fell again, suspends outlook
Starbucks shares slide after coffee chain says sales fell again, suspends outlook
The company's same-store sales slid for the third consecutive quarter, fueled by a 10% tumble in traffic to its North American stores.
For the third consecutive quarter, Starbucks’ same-store sales fell. This quarter’s 7% decline in same-store sales was the company’s steepest drop since the Covid-19 pandemic.
The company blamed its soft sales on weaker demand in North America. In its home market, its same-store sales decreased 6%. Traffic tumbled 10%, despite increased investments in the business, such as more frequent promotions in its mobile app and an expanded range of product offerings.
In China, its second-largest market, same-store sales plummeted 14%. The company attributed the decline to competition in the country, which it said is altering consumer behavior and changing the company’s strategy for the market.
Huh, what could it be? They're shitty to their employees, they're union busting and their CEO commutes by private plane, lol. Their former CEO was a shitty, shitty republican. Who do they think buys expensive coffee? Not rural America.
Maybe bombing Palestine isn't as popular as the aristocratic CEOs think it is after all.