Starbucks shares fall after warning inflation-battered customers are cutting back
Starbucks(SBUX) New York Post·2024-10-23 22:18
Starbucks shares dropped Wednesday after the company warned its inflation-battered customers are cutting back on its pricey coffee — even as its new CEO Brian Niccol begins a turnaround bid.The Seattle-based java giant released preliminary results for the latest quarter, revealing its same-store sales dropped 7% in the fourth quarter — its steepest decline since the pandemic. Preliminary sales fell 3% to $9.1 billion in revenue, below expectations of $9.4 billion. 3 Starbucks shares were poised to plunge ...