Can I have a Salted Karma Macchiato please?

This is my shocked face

Americans’ long-running joke about a Starbucks on every corner may be nearing its end.

The coffee behemoth is retrenching in its home market as it contends with sales growth that Chief Executive Officer Kevin Johnson acknowledges isn’t fast enough. The cafe chain said Tuesday it expects comparable sales to rise just 1 percent globally for the current quarter—the worst performance in about nine years. That’s well below the 2.9 percent analysts were expecting, according to Consensus Metrix.

Starbucks also plans to close about 150 company-operated stores in densely penetrated U.S. markets next fiscal year, three times the number it historically shuts down annually. Shares initially slid as much as 6.3 percent in late trading Tuesday before inching back up. The stock was down 1.6 percent as of 5:24 p.m. in New York.

…The closing stores are often in “major metro areas where increases in wage and occupancy and other regulatory requirements” are making them unprofitable, Johnson said. “Now, in a lot of ways, it’s middle America and the South that presents an opportunity.”

As they say: go woke, go broke.

categories Biz, Makes Ya Barf, Media, Nanny State | | datetime June 20, 2018 6:36 am

3 Responses to “Can I have a Salted Karma Macchiato please?”

  1. aelfheld says:
    June 20, 2018 at 11:14 am

    #FightFor15 claims another victim.

  2. Kathy Kinsley says:
    June 20, 2018 at 8:26 pm

    “Now, in a lot of ways, it’s middle America and the South that presents an opportunity.”

    Um. Excuse me. Only if you offer non-burnt coffee at reasonable prices.

    Despite media “reporting”, I assure you that we are NOT stupid.

  3. JeffS says:
    June 21, 2018 at 5:19 pm

    My preference of locally owned coffee shops over Starbucks pays off.

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