Amazon, Starbucks show how jittery US customers are about the economy [Business Insider]
Starbucks Corporation (SBUX)
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Source: Business Insider
Starbucks CEO Laxman Narasimhan said the coffee chain's customers were growing more cautious. US consumers are becoming more prudent with their spending, executives at Amazon and Starbucks said on Tuesday. "Customers in the US are being very thoughtful about their spend. They look for deals, they trade down and look for lower ASP (average sale price) products," Amazon's chief financial officer, Brian Olsavsky, told journalists ahead of the company's earnings call Customers are buying "a lot more consumables and everyday essentials," which tend to be cheaper, Olsavsky said. Starbucks CEO Laxman Narasimhan made a similar observation during his company's earnings call "We continue to feel the impact of a more cautious consumer, particularly with our more occasional customer and a deteriorating economic outlook has weighed on customer traffic and impact sales broadly across the industry," Narasimhan said. The CEO said that Starbucks' performance this quarter " did not meet ou
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SBUX
Earnings
- 4/30/24 - Miss
SBUX
Sec Filings
- 4/30/24 - Form 10-Q
- 4/30/24 - Form 8-K
- 4/24/24 - Form 4
- SBUX's page on the SEC website