Throughout the Covid pandemic, various supply chain issues and high inflation, Starbucks could still count on its consumers to buy their iced oat milk lattes.
But that economic certainty may be in doubt after the coffee giant reported weaker-than-expected revenue and earnings in the latest quarter.
Starbucks said on Tuesday that global revenue fell 1.8 percent, to $8.56 billion, while net earnings slid 15 percent, to $772.4 million, in the three months that ended March 31.
Starbucks also lowered its revenue and earnings growth for the full year, reflecting the difficulties in the quarter.
“It did not meet our expectations, but we understand the specific challenges and opportunities immediately in front of us.”
Persons:
” Laxman Narasimhan, ”
Organizations:
Starbucks
Locations:
United States