Starbucks reported its fiscal Q3 earnings report as an activist investor is knocking on its door.
Q3 revenue fell 1% to $9.1 billion, lower than expectations of $9.20 billion, per Bloomberg consensus estimates.
It includes getting more customers throughout the day, launching new items while "maintaining our focus on core coffee forward offerings," and providing more value. Executive said the promotions drove active reward members in Q2, which up 3% from Q2 to 33.8 million, but it has yet to return to the 34.3 million in Q1.
Menu display featuring Starbucks' new Iced Energy drinks, Melon Burst and Tropical Citrus, at a Starbucks location, San Francisco, Calif., June 28, 2024. Its second-largest market, China saw the biggest drop of all Starbucks segments.Foot traffic there fell 7% and so did the average check size. The company alluded this decline to a "more cautious consumer spending and intensified competition in the past year... and a mass segment price war.
"Intense competition is the natural state of restaurant markets and even the strongest brands are not insulated," she said. "The direction of SBUX's China same-store sales growth is strongly correlated with those of other global brands. And all are correlated with macro factors ."The company still aims to have 9,000 locations in China by 2025, from its current 7,306 stores.
Women resorting to unsafe measures like drinking and punching their stomachs to end pregnancies since fall of RoeA Kansas woman on Tuesday sued the University of Kansas Health System for refusing to give her a medically necessary abortion in 2022, accusing the hospital of violating a federal law on emergency room treatment.
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