Starbucks CEO's Honeymoon Is Over After Sales Slump, Shares Dive [Financial Post (Toronto, Ontario, Canada)]
Starbucks Corporation (SBUX)
Last starbucks corporation earnings: 4/28 04:05 pm
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Source: Financial Post
(Bloomberg) — Laxman Narasimhan's honeymoon phase is over. The chief executive officer of Starbucks Corp., who officially took over the coffee behemoth just over a year ago, on Tuesday cut annual guidance for a third straight quarter after the company's worst performance since the pandemic. Each of Starbucks' geographic segments posted a decline, including the all-important China, where comparable sales fell 11%. Article content Article content In a sign that Starbucks expects more pain ahead, the chain cut its full-year revenue growth forecast to a low-single-digit percentage from as much as 10%. Adjusted earnings per share could be flat. Shares plunged by as much as 16%, the worst drop since March 2020. The downbeat performance raises questions about how Narasimhan will lure customers back to Starbucks, which as recently as November said demand for iced shaken espressos was resilient and expressed confidence in its forecast. Narasimhan will have to convince investors — in
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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