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Starbucks' Mixed Results Speak to Cautious Consumer Environment

publication date: Aug 12, 2024
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Image Source: Starbucks' Global Impact Report. 

Starbucks’ fiscal third quarter results weren’t great. Consolidated revenue fell 1%, comparable store sales dropped, while the firm’s non-GAAP earnings per share faced additional pressures. During the fiscal third quarter, Starbucks opened 526 net new stores, ending the period with 39,477 stores -- broken down into 52% company-operated and 48% licensed. Stores in the U.S. and China made up 61% of its global portfolio. Starbucks is getting squeezed by a cautious consumer and higher labor costs, and while we like the company, we’re just not interested in shares at this time.


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