Restaurants are competing for frugal diners' dollars [CNN]
Starbucks Corporation (SBUX)
Last starbucks corporation earnings: 4/28 04:05 pm
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Source: CNN
Starbucks reported a 3% decline in same-store sales during its latest quarter, marking its first decline since 2020 and a sharp contrast to a 12% gain the prior year. Same-store sales tumbled 11% in China, the coffee chain's second-biggest market. Starbucks also lowered its full-year sales outlook. The coffee giant said that customers are spending more cautiously and less frequently, weighing on the company's top line. “Many customers have been more exacting about where and how they choose to spend their money, particularly with (pandemic) stimulus savings mostly spent,” said Starbucks CEO Laxman Narasimhan on the company's earnings call. That's in line with what companies have reported over the last several months: Consumers are tightening their purse strings as they grapple with sky-high interest rates, sticky inflation, depletion of pandemic-era savings and an uncertain economic outlook. Now, companies say they're stepping up to win customers' dollars. Starbucks is rolling
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SBUX
Earnings
- 4/30/24 - Miss
SBUX
Sec Filings
- 5/17/24 - Form 4
- 4/30/24 - Form 10-Q
- 4/30/24 - Form 8-K
- SBUX's page on the SEC website