Starbucks reported weakened revenue and earnings in the latest quarter, citing poor weather and decreased customer traffic in the U.S. and challenges in China's economic recovery.
Laxman Narasimhan, Starbucks' CEO, acknowledged the quarter's results fell short, attributing it to specific challenges and opportunities while deeming it unrepresentative of the brand's potential.
Same-store sales dropped in North America and internationally, with a significant 11% decline in China, despite Starbucks' prior growth expectations in the region.
Despite Starbucks' resilience during the pandemic, with loyal Gen Z customers and consistent sales, recent challenges and economic uncertainties have impacted its revenue and stock performance.
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