Starbucks Declines After Coffee Promotions Fail to Invigorate Sales
- ‘Results were ok, just not great,’ analyst Bartashus says
- CFO says afternoon business remains soft in the U.S. market
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After another quarter of tepid sales growth, Starbucks Corp. Chief Financial Officer Scott Maw assured investors that the company is investing “strategically and with a ‘long game’ mentality.” Wall Street may not be so patient.
Starbucks grew just as much as analysts expected in the latest quarter, but investors sold shares Friday, sending the stock down as much as 2.8 percent to $57.71. Still associated with its meteoric rise to ubiquity, the company is having trouble managing expectations now that it’s among the biggest restaurant chains in the world.