Starbucks' 'fall from grace': Howard Schultz says company needs to fix US operations [FOX Business Network]
Starbucks Corporation (SBUX)
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Source: FOX Business Network
Former Starbucks CEO Howard Schultz expressed the need for the coffee giant to undergo a strategic overhaul after its earnings "significantly" fell short of shareholder expectations. In a LinkedIn post on Sunday, Schultz, who stepped down as interim CEO in March 2023, and from the company's board of directors a month later, spoke candidly about the company's "fall from grace," particularly in the U.S. market. Not only has the company been dealing with ongoing unionization efforts nationwide, but it is also feeling "the impact of a more cautious consumer," CEO Laxman Narasimhan said. Last week, the company reported that its quarterly net revenue slipped 2% to $8.6 billion. Same-store sales in the quarter fell 4%, the first decline since 2020. FOX Business reached out to Starbucks for comment. "I have emphasized that the company's fix needs to begin at home: U.S. operations are the primary reason for the company's fall from grace," Schultz said in the LinkedIn post. To start,
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