XLY - Former CEO Schultz Urges Starbucks Overhaul Amid Sales Slump: Report | Benzinga
Former Starbucks Corp (NASDAQ:SBUX) Chief Executive Howard Schultz reportedly urged the coffee chain to acknowledge its faults and revamp operations following a significant sales decline.
Shares nosedived subsequent to a drop in sales, attributed to factors including weather conditions and global conflicts.
Seattle-based Starbucks, grappling with inflation, faces challenges in attracting budget-conscious consumers, reported Bloomberg.
Second-quarter comparable store sales declined 4% globally, driven by a 6% decline in comparable transactions.
Starbucks reported second-quarter revenue of $8.6 billion, which missed the consensus estimate ...