by Stephan Bauer, Euro on Sunday
In the pandemic, the world’s largest coffee house chain, Starbucks, which also retails coffee products, faltered. That was one reason for a surprising change at the top of the group: the long-standing CEO Howard Schultz, who retired in 2017, took over the helm again in April. The operating business certainly showed signs of recovery in the first quarter. Starbucks opened 484 new coffee houses, around four percent more than in the previous year.
However, the quarterly figures fell short of expectations, Starbucks referred to ongoing challenges such as inflationary pressures, higher procurement costs and a difficult job market. In May, after initial hesitation, the group announced its withdrawal from Russia, where Starbucks operated 130 branches. The chart is showing signs of bottoming out after a long downtrend and has recently trended up. Figures are available on August 2nd. Keep.
Industry: Hospitality/Retail
Headquarters: Seattle, Washington (USA)
market value: €89.7 billion
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