Starbucks shares plunge 15% as chain warns on 2024 profits, cites ‘higher inflation’ as ‘risk factor’
Starbucks shares plunged 15% in early trading Wednesday after the Seattle-based java giant reported weaker-than-expected quarterly earnings and warned that its cafes will continue to underperform in 2024. For the three-month period ended March 31, Starbucks said that same-store sales in the US decreased 3% as foot traffic toppled a disappointing 7%, marking the second...