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Customers Fed Up With Starbucks: 'You Want HOW MUCH for a Cup of Coffee???'
[PJ] Inflation has finally caught up to millions of people's morning routine — that half-double decaffeinated half-caf frappuccino with a twist of lemon concoction from their corner Starbucks.

Financial analysis firm The Kobeissi Letter looked at the Seattle-based purveyor of caffeinated treats (I hesitate to use the word "coffee") and found themselves asking, "What happened to Starbucks?"

Second-quarter results are now coming out, and Starbucks reported that "North America and U.S. comparable store sales declined 3%, driven by a 7% decline in comparable transactions." the company reported. The average ticket was slightly higher — but stick a pin in that thought because I'll come back to it in a moment.

Things were even worse in China, where "same-store sales plunged 11% with an 8% decline in the average order." China is Starbucks' second-largest market by sales volume after the U.S.

Starbucks shares were down as much as 15% today on the news.
Posted by: Besoeker 2024-05-02
http://www.rantburg.com/poparticle.php?ID=698088