Starbucks ex-CEO Howard Schultz says chain needs a major fix after biggest sales miss in years: ‘There must be contrition' [Fortune]
Starbucks Corporation (SBUX)
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Source: Fortune
“At any company that misses badly, there must be contrition and renewed focus and discipline on the core,” he wrote in a post on LinkedIn on Sunday. “Own the shortcoming without the slightest semblance of an excuse.” Shares plummeted after sales dropped this month for the first time since the early days of Covid in 2020. Seattle-based Starbucks, which has struggled to lure budget-conscious consumers as inflation persists, said chilly January temperatures that slowed store visits and the conflict in the Middle East hurt quarterly results. Senior leaders need to reinvent the mobile ordering and payment platform, Schultz said. The chain has been looking to turn around its performance through initiatives like cutting wait times, fulfilling morning demand and getting more customers to try its app. A boba tea-like drink will be launched this summer. “The go-to-market strategy needs to be overhauled and elevated with coffee-forward innovation that inspires partners, and creates differ
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