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Starbucks' struggle continues: revenue falls short amid US, Middle East boycotts | Scoop

Starbucks’ struggle continues: revenue falls short amid US, Middle East boycotts

Company also blames shortfall on increased competition, rival discounting

9:01 AM MYT

 

KUALA LUMPUR – Boycotts in the United States and the Middle East over the Israel-Hamas war have cost international coffee chain Starbucks dearly, with quarterly earnings and revenue falling short of Wall Street estimates.

Starbucks’ headwinds for the quarter ended on December 31 are also blamed on China’s soft recovery and ever-increasing rivals, potentially leading to a dented performance in the second quarter.

Chief executive officer Laxman Narasimhan, on a conference call, attributed the headwinds to the ongoing boycott in the US and increased discounting by rivals in China, which led to the company lowering its full-year revenue outlook.

Starbucks has revised its full-year comparable sales – globally and in the US – to between 4% and 6%, down from its previous range of 5% to 7%.

Its international segment saw a 7% rise in same-store sales, missing estimates of 12.07% growth and global same-store sales growth of 5% was below expectations of 6.98%.

While comparable sales in China rose 10%, the company said it was slower than expected as consumers turned more cautious in their spending.

Overall, the coffee chain reported a first-quarter net income of US$1.02 billion, or 90 cents per share, up from US$855.2 million, or 74 cents per share, a year earlier.

Last year, Starbucks said it was a non-political organisation and dismissed talks that it provided financial aid to the Israeli government and military.

The company courted controversy after condemning workers union Starbucks Workers United for voicing support for Palestine. Starbucks later sued the union over a deleted tweet for trademark infringement.

In Malaysia, Starbucks franchise holder Berjaya Food Holdings Bhd (BFood) said in November that it expected revenue growth to be hampered by the perception created by the Middle East conflict.

BFood had planned to open 40 to 45 new Starbucks stores nationwide. – January 31, 2024

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