Starbucks just had a ‘disappointing' quarter. Here's how it plans to turn things around [CNN]
Starbucks Corporation (SBUX)
Last starbucks corporation earnings: 4/28 04:05 pm
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Source: CNN
Shares fell more than 12% in premarket trading Wednesday after the coffee giant reported a decline in same-store sales for the first time since 2020 and slashed its full-year sales outlook, culminating in a concerning quarter for Starbucks, which traditionally reports strong earnings “Let me be clear from the beginning, our performance this quarter was disappointing,” said CEO Laxman Narasimhan on the earnings call. Same-store sales in the United States fell 3%, a sharp reversal from the same quarter a year ago, when they grew 12%. In China, the chain's second-largest market, sales fell a staggering 11%, with the company blaming competition from “value players” in the country. In total, global revenue dipped nearly 2%, to $8.56 billion, coming in below analysts' expectations. Starbucks is now forecasting revenue to grow in the low single digits, a steep decline from its previous forecast of 7% to 10%. “We face a challenging operating environment,” Narasimhan said. “Headwinds
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SBUX
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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