Posted 1/31/2024, 3:30:58 PM
Starbucks Sales Growth Slows Amid Union Battle and Middle East Boycotts
- Starbucks cut its sales forecasts and missed expectations amid US and Middle East boycotts sparked by its legal action against a union and Israel-Hamas conflict
- Comparable sales rose 5% in US stores, below analyst forecasts
- Record revenue of $9.43 billion reported but yearly outlook lowered from 10-12% growth down to 7-10%
- Global same-store sales also expected to grow slower than the earlier forecast
- Starbucks shares rose 3% post-earnings, though are down 11% over the past year