Starbucks has presented its quarterly figures. The company could not meet Wall Street's expectations, also because there were calls to boycott the coffee giant.

Starbucks sales fall short of estimates

As reported by CNBC, the company achieved sales of 9.43 billion dollars (8.71 billion euros), when 9.59 billion (8.86 billion euros) were expected. Earnings per share were 90 cents (83 cents), three cents below expectations.

The disappointing figures are due, among other things, to the war between Israel and Hamas. The company faced “headwinds,” as CEO Laxman Narasimhan said. The Starbucks Workers United union published a post in support of the Palestinians. There were calls for a boycott.

Trademark Infringement Lawsuit

Starbucks sued Workers United for trademark infringement. This eventually led to calls for a boycott from the pro-Palestinian camp, as “Manager-Magazin” writes.

According to N-TV, a “constant slowdown in growth” can be observed in the American company. The reasons are cautious consumers and increasing competition.

In 2022, there were 35,711 Starbucks stores in more than 70 countries. As “Statista” figures show, 15,000 of them are in the United States. The café is represented 165 times in Germany.

UPS sales also declined. For this reason, the parcel service has decided to eliminate 12,000 jobs. Costs of one billion dollars (923,000,000 euros) will be saved.

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