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Price shock: Starbucks shares fall by 14 percent
Starbucks shares plunge after loss of sales: Find out how the coffee house giant is reacting to the 14% share price drop and what the company's future plans are. 📉☕ #Starbucks #Salesloss #Coffeehouse
Price shock: Starbucks shares fall by 14 percent
Coffeehouse giant Starbucks saw its share price fall sharply after posting a loss in sales in the second quarter of the year. The share fell by 14 percent within one day, from around 82 euros to around 70 euros. This decline resulted from business figures showing second-quarter sales of $8.6 billion, which was below analysts' expectations. They had forecast $9.12 billion. In comparison, sales in the same period last year were $8.7 billion.
Despite the loss in sales, the company is growing, opening 364 new stores in the second quarter of 2024 alone. Starbucks owns more than 38,000 coffee shops in over 70 countries worldwide, with more than 17,000 of them in the United States. In 2023, Starbucks was rated as the most valuable fast food brand after McDonald's. Starbucks CEO Laxman Narasimhan is optimistic that the company will recover quickly, emphasizing in the quarterly report that the results do not reflect the brand's true strength.
To improve service quality, Starbucks plans to speed up service in the morning hours, both in stores and for advance app orders. In addition, the food and beverage offerings are to be expanded. Chief Financial Officer Rachel Ruggeri reiterated that the company learned from the quarter's challenges, even though it was difficult.